This is where judgment recovery comes into the picture (or article in this case:)). Now you may be wondering “What in the world is judgment recovery?” Well the official definition is the collection of an outstanding judgment by a professional judgment enforcer. Depending on what state you live in, a judgment is good for anywhere between seven to twenty years.
One of the age-old tools in Enforcement of judgment are judgment debtor (and third parties that possess or know about the debtor’s assets) exams at the court. A related tool is document production requests. What happens if a properly-served debtor does not show up at the court hearing?
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The debtor can file a claim of extension. Each State has exemptions for a judgment debtor’s personal property. If the debtor files a claim of extension, you need to show up at the hearing. If you do not show up, the debtor wins.
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The excited plaintiff responds immediately and agrees to the terms of the collection process (The plaintiff will split the amount of the judgment specialist fifty-fifty).
If your judgment has a rich debtor with massive available assets, you can sell the judgment for more money cash up-front. In this situation, you can also get paid more, and get paid more quickly, on a future-payment basis.