I am a judgment broker, and not a lawyer. My articles are my opinions, and is not legal advice. When you ever want a strategy to use or legal advice, you should contact an attorney.
After winning your judgment, the first thought you had was probably like "I want to recover the most that I can from this scoundrel". A next thought may have been "How can I recover my judgment?" You may have even wondered if you could collect more than what the law requires, because that scoundrel defrauded you.
Alas, the law does not permit you to collect above what's owed for the judgment, which is the face value of a judgment, any interest earned, and most court-related recovery costs which were approved and documented by a court.
Sometimes your debtor ripped off other creditors too, and some other people or entities might also have judgments on your debtor. When your judgment debtor has assets, and you are persistent enough to satisfy your own judgments, why not attempt to recover the judgments other people have on your same judgment debtor?
The vast majority of judgments are never collected, so maybe when you discover how to recover your own judgment, you can recover judgments for some other judgment creditors of your judgment debtor. Experienced judgment enforcers do this every day, they look for more judgments for the same debtor.
Once you go through the hassle and expense of discovering your debtor's location and assets, you can use that knowledge, to enforce other judgment debts which your debtor owes to other people.
At the same courthouse you received the judgment at, or with some other research system, you can find other unsatisfied judgments that your debtor owes on. Then you can contact the other judgment owners and offer to purchase their judgments. If the creditors have any interest in getting any money for their judgment, then you could make the creditors an offer, to buy their judgments.
How much to offer to pay the other judgment creditors is your decision. Some states only allow outright cash upfront judgment sales. A typical price paid is 50% of the amount you recover, after you enforce the money, on a future pay basis; or a tiny fraction of the original value of the judgment (1-8% is an average) with a payment up-front purchase. Don't buy judgments for too much money cash upfront, for many reasons; including the judgment debtor may run out of money, and if they apply for bankruptcy protection, you probably won't get back a dollar.
When the judgment purchase prices are agreed on, then you ask the other judgment owners to sign your purchase agreement, and also your (must be notarized by them) "Acknowledgement Of Assignment Of Judgment" to transfer their judgment to you. Then, as the new judgment owner, you file your completed Acknowledgement Of Assignment Of Judgment with a court clerk. Then you will own that judgment, allowing you to use the same enforcement strategies that worked before on your first judgment.
Before you attempt to recover judgments from original judgment owners, be sure doing so is allowed in your state. The opportunity to purchase any judgment and then attempt to recover it, depends on the pertinent statutes and court rules in your judgment debtor's particular state and jurisdiction.
Recovering again, with the same debtor, allows you to benefit from the first judgment recovery procedures. You can just duplicate your work, for any additional judgments that you have purchased against the same judgment debtor. Imagine your happiness of not only recovering your own judgment, but also making more money helping others get back some of what's owed to them from the judgment debtor.
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http://www.JudgmentBuy.com - Judgment Enforcement. The free, easiest, fastest, and best chance to recover some judgment money.
Mark D. Shapiro, the judgment matchmaker. JudgmentBuy has the best free judgment referral leads for enforcers, judgment buyers, and contingency collection attorneys.
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