There is no mention of when it needs to be paid or how. Will I have a problem collecting?
2007-02-06 06:06:08 · 6 answers · asked by Jeff k 1 in Business & Finance ➔ Credit
The answers so far have it 1/2 right. How or will you get paid does depend - in part - on the financial condition of your debtor and his willingness to work with you.
There is a second reality that has not yet been addressed, and that is - THE STATE YOUR DEBTOR LIVES IN. Your ability to recover is entirely dependent on the laws of the state in which your debtor resides, in regards to "exempt" and "non-exempt" property, wage garnishments, and financial account garnishments. Some states are more "debtor friendly" than others, meaning there are protections in the law that keep you from certain seizures and garnishments.
And make no mistake - your only option now is locating of property, employment wages and financial assets that can be seized or garnished to satisfy the judgment (or can be used as leverage in a settlement negotiation). If you debtor was willing to simply pay you, he/she would have already!
Another misconception many people have is - the court will do the collecting for me. NOT! It's not the courts responsibility to enforce your judgment. It's now your responsibility to find out as much about your debtor as you can, so you can responsibly, and with solid evidence, make filings in your court that can enforce the judgment.
Therefore - "will you have a problem collecting" is dependent on the state your debtor lives in; what that state's laws determine is "collectible"; the financial condition and asset holdings of your debtor; the willingness of your debtor to work on a settlement, and your willingness to enforce your judgment.
Our company provides asset search information and collects on civil judgments, and we have a helpful blog that addresses this very issue. Please see the link below. Our latest blog entry is geared towards small claims judgments; however, the principles we talk about apply to judgments of your size as well.
2007-02-07 09:46:50 · answer #1 · answered by DMEdwards 2 · 0⤊ 0⤋
That really depends on who the judgement was against. If it was against a person, I would say yes it might be a problem collecting. All a judgement does is say that the money is owed, however, collecting it is still up to you. If you find that it has been several months and you still have not received anything, then you could garnish wages. Either way, unless the person has the money to pay you right away, I would not expect a quick resolution. That person might also file for bankruptcy and could put you down as a creditor. That again depends on what the judgement is for.
2007-02-06 14:15:07 · answer #2 · answered by Anonymous · 1⤊ 1⤋
Contact the office of the attorney that handled it for you. Very often you can make the arrangement for the settlement to be paid to the attorney's office and they can deduct their fees (with a detailed explanation of charges) and pay out the rest to you. SInce they want to get paid too, they are usually pretty diligent about getting the money after the judgement has been filed with the court.
2007-02-06 14:11:09 · answer #3 · answered by Amy V 4 · 2⤊ 0⤋
Depends on who the judgement was against, and in which state
the judgement occured.
Talk to a lawyer.
2007-02-06 14:11:19 · answer #4 · answered by Skyhawk 5 · 0⤊ 0⤋
yea you will, especially if its from an individual you may never see that money, it will be a lien on their credit but there is no good way to collect.
2007-02-06 14:09:35 · answer #5 · answered by Scott K 2 · 1⤊ 0⤋
yes...you'll probably need to go to court again
2007-02-06 14:10:20 · answer #6 · answered by Robert P 6 · 1⤊ 1⤋