Agreement and Assignment of Judgment for Collection to Collection Agency
Description Judgment Collection Complete
How to fill out Debt Assignment Agreement?
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Judgment Collection Buy FAQ
Try and settle with your debtor. See if they will pay you half (or more) of what they owe. Try to enforce your own judgment. You will need to read a lot. Search for someone to buy your judgment for cash. Try an auction, but not Ebay. Do what most judgment owners end up doing.
Keep in mind that if you do NOT pay the judgment: The amount you owe will increase daily, since the judgment accumulates interest at the rate of 10% per year. The creditor can get an order telling you to reimburse him or her for any reasonable and necessary costs of collection.
A simple way to collect a judgment is by deducting money out of the debtor's paycheck using a wage garnishment. The debtor must have a decent income because both the federal government and states cap the amount you can take, and certain types of income, like Social Security, are off-limits.
You can ask a lawyer or collection agency to help you collect your judgment. But you may have to pay a percentage of the judgment in fees (some agencies charge only 15 percent or 20 percent). They may also ask you to assign the right to your judgment to them.
Debts and judgments are bought and sold all the time. It is perfectly legal and a legitimate business. BTW, like Vampires, judgments can enjoy virtual immortality or at least live a good long time.
Assigning your judgment means that you forfeit ownership of your judgment permanently. It is a one-way sale that cannot be reversed except by finding and obtaining the cooperation of the person you assigned it to; or working and paying for a court order voiding the judgment assignment to them.
How Much Can I Sell a Judgment For? The amount for which you can sell your judgment depends on the age of the debt, the amount of the debt, and the financial status of the debtor. Do Your Homework. Put the Terms of the Judgment Sale in Writing. Transfer Your Judgment for Cash.
Quick Cash: You collect a judgment, keep 50% (or whatever you negotiate). Monthly income: You garnish wages, keep 50% of each payment each time the person gets paid. You never even have to confront the debtor.
In many situations, one of the best ways to collect a judgment after winning a case is to put a lien on the debtor's property. This gives you a claim to the property and, in some cases, the property will be sold at public auction in order to satisfy the debt that is owed.