I'm the nation's only judgment broker, and I am not a lawyer. This article is my opinion, and not legal advice. If you ever need a strategy to use or legal advice, you should contact a lawyer. When people first get their judgment, they're usually really confident that the judgment can be sold for top dollar, or can swiftly be recovered in full. That confidence usually disappears when they address the realities which make judgment enforcement difficult. For the judgment debtor, settling their judgment saves them hassles and money, and provides them peace of mind. The primary reason for a creditor to settle a judgment is if they are convinced that they are not likely to recover most, or the entire amount owed. The reasons to be persuaded of this become clear, after they do a proper job of researching the debtor and their situation. Seven common reasons to settle judgments include: 1) You cannot locate enough, or any, of the debtor's available assets. Because of laws, many assets (e.g., social security, disability, retirement payments, tools used in the trade of the judgment debtor, etc.), are off limits. 2) There does not seem to be any way the judgment debtor will or can, be able to make significant progress on repaying the judgment. 3) You would rather get paid some money now, than gamble on perhaps being paid some money in the future. 4) Recovering the judgment may push your debtor toward bankruptcy. For example, if your debtor recently got a temporary windfall of money, and other than that, they have little money. You know it would take many years, with the risk of them filing for bankruptcy protection, to potentially collect in the future, so you decide to settle now. 5) There's a legal problem with the judgment (e.g., your judgment debtor's name is not spelled right), that could make your judgment difficult to recover. You might try to settle, before the flaw is noticed by your debtor. 6) To avoid the expenses and hassles of recovering a judgment. Most judgments are sold for under 5 percent for a cash up-front basis. Pure (future payment) contingency recovery specialists most often charge fifty percent for average judgments. It costs money and time to recover judgments, so settling can make sense. 7) You are charitable and wish to attempt to get this done with, and perhaps even want to help the debtor, by settling. If you believe it makes sense to settle with the judgment debtor, go for it. Some debtors don't pay after they agree to settle, so be sure the judgment debtor proves to you that they have more than enough assets sufficient to settle with you. http://www.JudgmentBuy.com - Judgment Enforcement. The easiest, free, fastest, and best way for the best chance to get money for your judgment. Mark Shapiro, the free judgment matchmaker. JudgmentBuy offers the best quality free judgment referral leads for judgment buyers, collection agencies, enforcers, and contingency collection attorneys.
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