I'm not a lawyer, I am a judgment expert. This article is not legal advice, it is my opinion. If you ever want legal advice or a strategy to use, please contact a lawyer.
When you own a judgment, you have a possibility of being paid. The chances of being repaid money for your judgment depends on the economy and the judgment debtor. There are many potential solutions, and you must find the best solution for both your comfort level and your judgment.
Possible judgment solutions include doing nothing, recovering it yourself, finding a cash up-front buyer for your judgment for your judgment, a contingency collections lawyer, a collection lawyer, a collection agency, or a judgment recovery specialist. Here are some pros and cons for each solution:
Do nothing - many judgment owners end up doing that. They don't enforce their judgment, or look for a way to recover the judgment. This is an easy option, however the results are almost always zero.
Enforce your judgment yourself - the pros are you don't need to share any part of the possible recovery with anyone, and you control and do everything. The cons are you do, control, and spend for everything. Judgment recovery is expensive and time consuming, and with this solution, you assume all the financial risks. Judgment recovery laws and procedures are somewhat difficult and expensive.
Locate a cash up-front buyer - the pros are you are be done with your judgment and get some cash for it. The cons are you usually receive only a few pennies on the dollar, and when the judgment debtor seems really poor, it will be very difficult to sell the judgment.
Locate a collection attorney - the pros are you usually receive the work you pay for, as most collection attorneys work hard when you pay them per hour. The cons are there is no guarantee any money will be collected from the debtor, so one could spend money and get no money back.
Locate a contingency collections lawyer - the pro is they will try to recover your judgment without making you pay an upfront hourly fee. The cons are you sometimes have to pay court costs along the way, and your debtor must own many of assets to interest a contingency collection lawyer.
Locate a judgment recovery specialist - the pros are they are almost always pure contingency with no costs to you, and are only paid for success, and will accept many judgments that aren't suited for a lawyer. The con is there are a bunch of flakes out there. Using a judgment broker helps you avoid the unreliable people.
Locate a collection agency - the pros are they take debts and judgments in almost every state. This might make sense, particularly for small claims judgments in states where courts do not permit small claim cases to get assigned, or where assignees of record cannot request that Sheriffs perform bank or wage levies. The cons are many don't work on judgments, and many collection agencies use the telephone and letters only, which does not usually convince debtors to pay.
Each judgment is different, and the solution with one judgment will probably not be the same with another judgment. Directory and referral services such as state bars and judgment brokers, will increase the chances you will recover some money for your judgment, and save you a lot of time.
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