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Companies who buy judgments, and pay you cash today, are limited in number. However, there are hundreds if not thousands of companies who will “purchase” your judgment on a “future pay” basis.
You have won a court judgment that the debtor owes you money. The National Judgment Recovery Center divides the collection process into steps like abstraction of judgment, research upon the judgment and debtor assets and engaging the counsel at the court.
A court judgment does not mean the debtor will pay you. However, there are a variety of court orders which can be obtained post-judgment to motivate the debtor to pay you.
You won your case in court and got your judgment. The time delay before you can enforce the judgment has passed. You wrote the debtor a letter, asking to be paid, and they did not respond. You called the debtor and they laughed and hung up.
You can find a judgment enforcer that will try to enforce the judgment. They cannot guarantee that they can enforce your judgment, but they only get paid if they are successful, so they will try.
Judgment enforcers can make a living. However there are a lot of pitfalls to avoid. Here is a list of the top ten mistakes many new to the judgment recovery business make.
The future-pay purchase is usually best for the original judgment creditor because they get 35 to 70% of the amount recovered from the debtor. In contrast, judgments purchased for cash up-front have average sale prices of 1% to 7% of the face value of the judgment.
One of the first things to know about judgment coops is that generally unless one is a lawyer, one cannot enforce a judgment unless one owns the judgment outright 100%.
Measure the time to enforce a judgment with a calendar, not a stopwatch. If you enforce it yourself, you will discover that judgment recovery is slowed down by reality, laws, and having to depend on courts, sheriffs, and process servers - who cannot work as fast as you want them to.
Sometimes no matter how professional and polite you are, the court clerks will not budge.