|
Particularly in our economic mess, about 90% of debtors are poor, which makes judgment recovery difficult at best. Most folks assume that in the rare judgment enforcement situations when debtors are rich, that judgment collection is easy and guaranteed. Even when a debtor is rich, judgment collection is never guaranteed. This article is my opinion and is not, legal advice. I'm a judgment recovery referral professional, and not a lawyer. If you ever want legal advice or a strategy to use, you should retain a lawyer. A reason there's not many unsatisfied judgments with wealthy judgment debtors is that rich judgment debtors often settle with the judgment owners long before final judgments get rendered. Another reason is that if debtors are rich, often judgment creditors recover judgments themselves, or hire an attorney to recover or settle them quickly. If a judgment debtor is rich, and a judgment has no defects (for example, naming the debtor(s) wrong, or a suspect service of the lawsuit), it is known as a "slam dunk" judgment. Slam dunk judgments aren't always collected, and these are the top 4 reasons why: 1) The debtor has concealed their assets, or has taken advantage of laws that shield their assets. A classic example is the crook who swindled somebody out of money, and then converted or invested the creditor's money in a large, exemption-protected home in Florida. 2) The judgment debtor might decide to spend$100,000 on lawyers to thwart a judgment collection effort, rather than paying $20K to settle or pay off a judgment. 3) The judgment debtor may hide the majority their assets, and then apply for bankruptcy protection, just to defy judgment owners. 4) The judgment owner might be too stubborn and over-optimistic, with a false belief about how simple their judgment's collection appears to be. Even if judgments are "slam dunks", it takes money to enforce them, and results are not guaranteed. If a judgment creditor isn't willing to split some of of what may be recovered on contingency; or is not willing to sell their judgment at a deep discount, their judgment might not ever be recovered. The wealthier a judgment debtor is, the better the chances are that they are already employing asset protection techniques. Discovering and unraveling fraudulently transferred or hidden assets is really costly and time intensive, and there's not any guarantee of success. And, the laws usually permit fraudulent asset transfers after only a short time. Recovery of any judgment costs time and money, and is usually a hassle. Have judgments collected for the best real price: http://www.JudgmentBuy.com - Judgment Recovery. The free, easiest, fastest, and best way to begin getting some money back from enforceable judgments. (Mark D. Shapiro 408-840-4610) JudgmentBuy offers the Truth.
Related Articles -
wealthy judgment debtors, rich judgment debtors, wealthy debtors, rich debtors, large big judgments, affluent debtors, affluent judgment debtor,
|
