Partial Recovery Of Judgments
I am not an attorney, I am a judgment referral expert. This article is my opinion, and not legal advice, based on my experience in California. If you ever want a strategy to use or legal advice, you should contact an attorney.
Partially recovered judgments are more common than fully satisfied judgments. Most judgments are not repaid, and of those which are, most are just partially recovered. If a judgment creditor is repaid anything on a judgment, it's a huge win.
Even when the economy was strong, judgment recovery was not easy. Even during boom economic times, most judgment owners did not recover judgments themselves, and most judgments were not recovered. Even for "slam dunk" wage and bank levy situations, levies aren't easy or free, and learning the forms and procedures for the first time is fairly difficult.
The economy has affected judgment enforcement big time. Now, to collect something from judgments is a major win. Even while there were good economic times, judgments were often settled for part or most of what was due. These days, most judgments are either not collected, or satisfied for just part of what is due.
Judgments can be fragile, and have some possible foes including filling for bankruptcy, getting vacated, getting appealed, debtors dying, moving, concealing assets, or losing their jobs or homes or bank accounts.
Judgment recovery solutions have also been hit hard by our economic situation. Most recovery specialists and contingency lawyers are much more picky on what judgments they will take, than they used to be.
Many judgment buyers are now out of business. The ones still in business pay less for judgments now, and are now really picky about the kinds of judgments they will buy.
After buying your judgment, most buyers of judgments settle with the debtor for less than the amount due, to enable them to secure a profits, instead of gambling on potential future profits.
Judgment recovery is also thwarted by certain laws which give breaks to judgment debtors. Some states make it hard to recover judgments. Debtors get exemptions for several kinds of income, some courts don't allow small claim judgments to be assigned, outlandish homestead exemptions, etc.
Some courts are downright hostile to judgment recovery specialists when they aren't lawyers. Judgment enforcers provide a really valuable function, attempting to recover judgment money from judgments which are not appropriate for lawyers.
More than once in my job, I have heard about correctly notarized and court-endorsed acknowledgements of assignment of judgment, later getting unraveled by court actions from confused original judgment creditors or their attorneys. This is one reason for a new trend of certain buyers of judgments purchasing with more than one payment. Some buyers of judgments pay half "now", and half in six months.
With our degraded economy, and new and previous law changes, recovering an average judgment is more difficult than in the past.
For both original judgment creditors and judgment recovery specialists, if a debtor is poor, settling for part of what is due makes a lot of sense.
Judgments are not guaranteed, they are chances to get money. Most judgment owners never get paid. Settlement and negotiation could be a powerful judgment recovery tool.
About the Author
http://www.JudgmentBuy.com - judgment enforcement. Nationwide free judgment referrals. The easiest, fastest, and best way to get the most money for your judgment. Mark Shapiro, the judgment matchmaker. We pay for judgment leads, and have the best quality free judgment referral leads for enforcers, collection agencies and contingency collection attorneys.
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