?
I?m a judgment referral expert, and I am not a lawyer. This article is my opinion, and is not legal advice. If you ever need legal advice or a strategy to use, you should contact a lawyer.
When plaintiffs first get a judgment, they are often really confident that the judgment can be sold for big bucks, or will quickly be collected completely. That confidence usually fades fast when they face the realities that make judgment recovery difficult. For a debtor, settling their judgment saves them money and hassles, and provides them peace of mind.
The main reason for a creditor to settle a judgment is if they are convinced that they are not likely to collect most, or the entire amount owed. Reasons to be convinced of this become apparent, after they do a proper job of researching the judgment debtor and their circumstances. Seven common reasons to settle judgments are:
1) You can?t locate enough, or any, of your judgment debtor?s available assets. Because of laws, many assets (e.g., social security, disability, retirement payments, tools used in the trade of your judgment debtor, etc.), are not available.
2) There is no way the judgment debtor can or will, be able to significantly repay the judgment.
3) You would rather get paid something now, than gamble on perhaps getting paid something in the future.
4) Enforcing the judgment may push the judgment debtor toward bankruptcy. As an example, if your judgment debtor recently received a temporary windfall of money, and other than that, they have little money. You know it might take many years, with the risk of them filing for bankruptcy protection, to potentially recover in the future, so you decide that settling is a good idea.
5) There?s a legal flaw with the judgment (e.g., your judgment debtor?s name isn?t spelled right), that could make your judgment difficult to collect. You might try to settle, before the problem is noticed by your judgment debtor.
6) To avoid the expenses and hassles of recovering the judgment. Most judgments are sold for less than 5% on a cash up-front basis. Pure (future payment) contingency recovery specialists most often charge fifty percent on typical judgments. It costs money and time to recover judgments, so settling often makes sense.
7) You feel charitable and want to try to put this behind you, and even help your debtor, by settling.
If you believe it makes sense to settle with the judgment debtor, go for it. Some judgment debtors do not pay after settlements, so make sure the judgment debtor proves to you that they have more than enough sufficient assets to settle with you.
golf simulation oem mopar parts car seat reviews web design companies sydney
কোন মন্তব্য নেই:
একটি মন্তব্য পোস্ট করুন