How To Collect More Than Your Judgment
I'm a judgment referral expert, and not a lawyer. This article is my opinion, and not legal advice. If you ever want a strategy to use or legal advice, you should contact a lawyer.
When you won the judgment, your first thought was probably like "I want to recover as much as possible from this louse". Your next thought may have been "How can I recover this judgment?" You may even have wished that you could recover more than what is legally owed, as that scoundrel defrauded you.
Alas, the law does not permit you to recover above what's owed for the judgment, which is the face value of a judgment, the accrued interest, and any court-related recovery costs which were documented and approved by a court.
Sometimes your debtor ripped off other people also, and some other entities or people might also have judgments on them. When your judgment debtor has assets, and you're persistent enough to satisfy your own judgments, why not try to enforce some judgments other creditors have against your same debtor?
Most judgments are never recovered, so maybe when you discover how to enforce your own judgment, you can recover judgments for some other creditors of your debtor. Experienced judgment enforcers do that every day, they try to find more judgments against the same debtor.
After you go through the hassle and expense of finding your judgment debtor's assets and location, you could use your information, to enforce other judgment debts which your debtor owes to other creditors.
At the same courthouse you received the judgment at, or at some kind of research service, you can find other unsatisfied judgments that your debtor owes. Then you can contact the other judgment creditors and offer to buy their judgment. When the judgment owners have any interest in getting any cash for their judgments, then you could make the creditors an offer, to purchase their judgments.
How much to offer and pay the other judgment owners is your decision. Certain states only allow cash upfront outright sales of judgments. The average purchase price is half of what you enforce, after you enforce the money, with a future-payment basis; or a small fraction of the original dollar amount of the judgment (1-8% is the average) for a cash upfront purchase. Don't purchase judgments cash upfront for too much money, for several reasons; including the judgment debtor might run out of money, and if they apply for bankruptcy protection, you probably will not get back a dollar.
When a judgment purchase price is agreed on, then you get the other judgment owners to sign your judgment purchase agreement, and also your (must be notarized by them) "Acknowledgement Of Assignment Of Judgment" to transfer their judgment to you. After that, as the current judgment owner, you file your completed Acknowledgement Of Assignment Of Judgment with a court clerk. Then you'll own that judgment, enabling you to use the same recovery strategies which worked before for your first judgment.
Before you try to enforce judgments from original judgment owners, make certain doing that is allowed in your state. The opportunity to purchase any judgment and then attempt to recover it, depends on the particular statutes and court rules in the judgment debtor's particular jurisdiction and state.
Recovering again, against the same debtor, allows you to benefit from the first judgment recovery procedures. You can simply duplicate your work, for any additional judgments which you have bought for the same judgment debtor. Imagine the joy of not only enforcing your own judgment, but also earning more money helping others recover what's owed to them from your judgment debtor.
About the Author
http://www.JudgmentBuy.com - Judgment Enforcement. The free, easiest, fastest, and best chance to recover some judgment money. Mark D. Shapiro, the judgment matchmaker. JudgmentBuy has the best free judgment referral leads for enforcers, judgment buyers, and contingency collection attorneys.
Tell others about
this page:
Comments? Questions? Email Here