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Multiple Creditors by Mark Shapiro





Multiple Creditors by
Article Posted: 11/21/2012
Article Views: 51
Articles Written: 325
Word Count: 612
Article Votes: 0
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Multiple Creditors


 
Law
After judgments are rendered, plaintiffs become judgment creditors. In my job, I see the complications of multiple plaintiffs with judgments. Of course, there are at least two advantages to having multiple plaintiffs:

1) To insure that all judgment creditors get an equal chance to collect as much as the amount owed them for the judgment. An advantage and disadvantage is that all the judgment plaintiffs (or their attorney) needs to agree with, and sign, all documents that might be related to recovering judgment money. Generally, no judgment owners get paid, unless there is a path to pay all creditors.

2) Suing someone (and later trying to recover the judgment against them) is usually costly. If multiple owners hire the same attorney, on the same case number, against the same judgment debtor; usually the individual plaintiffs save a lot of money, sharing all legal and court bills.

My articles are my opinions and are not, legal advice. I am a judgment solution professional, and not an attorney. If you ever need legal advice or a strategy to use, you should contact a lawyer. Some judgments specify what is due to each plaintiff, for example, plaintiff one is owed $70K, and plaintiff 2 is owed $40K. When the judgment does not list certain amounts owed to each plaintiff, then it is assumed there is an equal percentage ownership of that judgment by all the judgment creditors.

Hassles can come up if several or one judgment plaintiffs can't be located, or don't agree with the judgment enforcement action another plaintiff judgment creditor(s) wish to attempt. From what I've heard, if there's several plaintiffs on the judgment, every plaintiff must sign judgment-related paperwork, and occasionally have their signatures notarized. For example, when a judgment collection attempt is arranged with a collection attorney or collection company; or the judgment is assigned to a judgment enforcer, all must sign documents, and all signatures might have to get notarized.

What could one do when one or more of the other judgment creditors don't agree with your idea to try to sell (always for a sharp discount) or recover the judgment? This might be an impossible situation. You'll have to attempt to negotiate with them, reason with them, or bribe their cooperation.

What could you do if a judgment creditor was related to you who passed away, and you're their estate executor? Then you could sign paperwork as their executor, as an example (Executor's name), Executor for (dead individual's name). It's handy to have a copy of their death certificate handy, because one might be required.

What could one do when you cannot locate one or more of the other judgment plaintiffs listed on the judgment, and like to have a lawyer to attempt to collect the judgment? When a lawyer gets retained and they succeed in collecting some money (to be shared among all plaintiffs); the attorney could store the non-client's funds, and later try to locate any other creditors. Most often, the lawyer cannot get paid, or take their lawyer's contingency charge, from a non-client's share of any recovered money.

In most states, there's an "unclaimed funds" system available at the secretary of state. If the other judgment creditors cannot be located, your lawyer might be able to submit the non-client's money to the secretary of state's unclaimed funds system; and then later attempt to find the non-client judgment plaintiffs, to let them know they have money coming.

Have judgments recovered for the best real price: http://www.JudgmentBuy.com - Judgment Enforcement. Your free, easiest, fastest, and best way to begin getting some money back from enforceable judgments. (Mark D. Shapiro 408-840-4610) No obligation, free judgment evaluations.

Related Articles - multiple plaintiffs, more than one plaintiff, all the plaintiffs must need to sign, multiple plaintiff hassles, multiple creditors,

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