What if you have an elderly (for example, 75-year old) debtor? This circumstance is automatically difficult, as most of their income and benefits (e.g., social security benefits), and also certain assets of older judgment debtors are off limits to creditors. What if your judgment debtor is seventy-five years old and stays at a house that he owns; how could you try to enforce a judgment in this kind of situation? My articles are my opinions and are not, legal advice. I am a judgment solutions expert, and not a lawyer. If you ever need a strategy to use or legal advice, you should retain an attorney. Most of the time, with older debtors, enforcing judgments is a challenge. State and Federal laws mandate that you observe every precaution for how you proceed, to protect the judgment debtor's interests until they die. These days, many older homeowners are not wealthy, and many are just making ends meet. While making small payments on a payment plan might be OK for them, any "both feet" judgment collection tactic would likely be too much; and might cause the debtor to file for bankruptcy. When your older judgment debtor owns property, it is probably a good idea to record a real estate lien as there is a possibility that might eventually get you something from their estate/probate. (Of course, many elder debtors have already transferred their property to a younger relative to prevent a sale when they need hospice care or a nursing home.) After a lien is recorded, you might write them (if it is a consumer debt, know the FDCPA laws) and ask the debtor if they might consider a repayment plan, and you will remove your lien when your judgment is repaid. If there's not any response to your recorded lien or a letter offering a payment plan, then you might look for their banking information and then try to levy it; but many times any funds in the debtor's account will be exempt from creditor garnishments. Sometimes, there's sufficient non-exempt money in your debtor's bank to satisfy your judgment. Most often, bank garnishments do not fully satisfy judgments, so other than real estate liens, bank garnishments, and voluntary payment plans; what else can be done in the case of an older judgment debtor? Your answer depends on their situation and their available assets. A debtor exam might make sense, and will probably help you choose your potential next step, that may be to stop trying for now; and wait to see if perhaps your lien pays off someday. Factors to consider include your judgment debtor's general health, is there a mortgage on the debtor's house, what is the equity situation, is their house insured, the number of other judgments do they have on them, the debtor's chances of their likelihood of going bankrupt, whether they have children who may help them pay the judgment off; and whether they already have, or can apply for a reverse mortgage on their home. Reverse mortgages could only help a creditor when it provides money to potentially pay off your judgment. Mark D. Shapiro of: http://www.JudgmentBuy.com - The fastest and easiest free way to find the best professional to buy or recover your judgment.
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