How and when to enforce a Consent Judgment?

Question

We were plaintiffs in a lawsuit and the case was settled. A portion of the monies were paid to us upfront. The second portion of the settlement was a Consent Judgment signed by the defendant whereby they also agreed by consent to pay a set sum of money every year for the next 7 years with interest. We are concerned whether or not the defendant will pay early next year or years thereafter. Is there any thing we can do to protect our future interests before they default or only after?

What measures can be taken, and when, once there is a consent judgment in our favor? We are currently tracking all their public information and they haven't left town and still have the same job, but don't know about financial assets. Should we be doing something now in advance of an expected default?

OSCAR: The defendant signed a statement attesting to the fact that the judgment was not dishcargeable in bankruptcy. There was no real property at the time. The defendant was "between jobs." We were represented by a very good attorney (one reason I'm not asking the question of them $$$), but there was only so much for them to work with as the defendant was a deadbeat (hence, our concerns). Any other ideas given this, Oscar? Thanks!

Answer 1

If they are not in default as of yet the only thing that you can do is continue to monitor their public information,.
You can also look into companies that buy the judgement for a lump sum of cash.
Here is one website
http://www.structuredsettlements.org/
http://www.structuredsettlementhelp.com/

Answer 2

~One hopes you have recorded the judgment. However, even if you did, it can still be discharged in bankruptcy. You obviously didn't insist on a voluntary income execution to insure regular periodic payments. If you didn't take a mortgage to secure the judgment, you really blew it. If you were represented in getting the judgment and you get stiffed by the judgment debtor, you may consider bringing an action against you attorney. If you weren't represented, you're a little late in asking for legal advice.



Edit:

Okay, so if the guy was a deadbeat when you took the consent judgment, accept the up-front payment as all you're going to get and figure any of the annual installments are gravy. If he was my client, I'd have had him in Chapter 7 about 10 minutes after he signed the confession of judgment. But look on the bright side; a confession of judgment and a buck will still get you a cup of coffee at most greasy spoons - but no re-fills and no tip.