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Why Should You Settle Your Judgment


I am the nation's only judgment referral expert, and I'm not a lawyer. My articles are my opinions, and is not legal advice. If you ever want legal advice or a strategy to use, you should contact a lawyer.

When people first win their judgment, they are usually really confident that the judgment can be sold for big bucks, or will swiftly get recovered completely. That confidence usually disappears after they address the truths which make judgment recovery tough. For the judgment debtor, settling a judgment saves them money and hassles, and provides them peace of mind.

One main reason for a creditor to settle a judgment is if they are convinced that they are not likely to recover most, or the whole amount due. The reasons to be convinced of that become apparent, after they conduct a proper job of researching the debtor and their situation. 7 popular reasons to settle a judgment are:

1) You can't find enough, or any, of the judgment debtor's available assets. Because of laws, many assets (e.g., social security, disability, retirement payments, tools for the business of the judgment debtor, etc.), are off limits.

2) There is no way your debtor can or will, be able to make significant progress on repaying the judgment.

3) You would prefer to get paid some money now, than risk not being paid something in the future.

4) Recovering your judgment may push the judgment debtor into bankruptcy. As an example, when the judgment debtor recently received a temporary windfall of money, and besides that, they are not doing well at all. You know it might take many years, with the risk of them going bankrupt, to possibly recover in the future, so you decide that settling is a good idea.

5) There is a legal problem with the judgment (e.g., the debtor's name is not spelled correctly), that might make your judgment difficult to recover. You could attempt to settle, before the flaw is discovered by your judgment debtor.

6) To avoid the expenses and hassles of recovering a judgment. Most judgments sell for under 5 percent on a cash up-front basis. Pure (future payment) contingency recovery specialists usually charge fifty percent on typical judgments. It takes money and time to recover a judgment, so settling often makes sense.

7) You feel charitable and wish to try to put this done with, and even help your debtor, by settling.

When you think it would be advantageous to settle with the debtor, go for it. Some debtors don't pay after they agree to settle, so make certain your debtor demonstrates to you that they possess more than enough assets sufficient to settle with you.

About Author Mark Shapiro :

The latest versions of the best judgment articles, with search, is at <a href="" target="_blank"></a>
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Article Added on Friday, April 19, 2013
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