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Assigning Your Judgment

By Mark Shapiro

Republish: EasyPublish™
Published: 05Mar2012
Word count: 1243
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I'm not an attorney, I am a judgment expert. This article is my opinion, and not legal advice. If you ever want a strategy to use or legal advice, please contact an attorney. Many judgments are expensive, difficult, and take a long time to collect.

If one has a big judgment on a wealthy debtor who hasn't, and isn't now attempting to conceal his or her assets; it's fairly easy to locate a contingency collection attorney. It's very easy to sell that kind of judgment circumstance for cash up front, or to locate a really excellent judgment recovery specialist.

If one has an average-sized judgment on an upper-middle class debtor who has concealed part of their assets, or is currently attempting to conceal them, it can be fairly hard to locate a contingency attorney. If you can find one, they might work on a partial-contingency basis only, and you must pay the costs.

If one has a judgment of any size on a broke debtor; or a small to average-sized judgment on a low to average-class debtor; you will not locate an attorney who works on any kind of contingency arrangement.

If one can't, or decide not to retain an attorney to collect a judgment with a contingency basis; one has 4 options:

1) You may pay an attorney per hour, and for each cost, to attempt to collect a judgment, without a assurance that you will not tossing in good money after bad.

2) You may sell your judgment for cash upfront, for an average of one to seven percentof their initial amount. In the crummy economy, if no debtor assets are known, the price is nearer to one percent. If the debtor is wealthy, you may find a higher cash upfront buyer.

3) You can assign your judgment to a judgment recovery specialist, and get paid an average of fifty percent of whatever might be recovered from the debtor. The judgment recovery specialist assumes the risks of tossing in good money after bad. When the debtor is wealthy, you may get higher future payment recovery fees.

4-A) When a debtor is very broke, and/or the judgment is tiny; particularly in some counties and states, where laws don't permit assignments of a small claim judgment; one might not find a recovery specialist or a judgment buyer.

4-B) When one can't find a recovery specialist, (virtually no collection agencies will help) attempt to settle with your debtor for twenty to forty percent of what is due. If that doesn't pay off, it may be is a good idea to give up on the judgment, or sell the judgment for whatever you might get, maybe not even one percent.

For the majority of judgment owners that will not easily find the right contingency attorney; due to either the amount of the judgment, or the circumstances of their debtor; will choose number 3 above, assigning the judgment to a judgment recovery specialist.

Many judgment recovery specialists aren't attorneys, which means they can't represent anyone except for themselves in court, or offer any legal advice, or assist anyone with any type of legal issue.

Anyone that isn't an attorney, can't work for others on any kind of legal matter, as an example, enforcing a judgment on your behalf, or for you. This means that when the recovery specialist isn't a lawyer, you need to assign the judgment to them, before they legally can attempt to enforce your judgment.

The paperwork required to assign judgments (which has to be notarized) almost always has the wordings "assigning all rights, title, and interest in the judgment". Judgment recovery specialists have a fiduciary obligation to divide all collections made with you, as is required in your contract with them.

There can be a bit of a risk if you assign judgments to a recovery specialist. Note that that potential risk is most often tiny for 2 reasons:

The first reason is, if and when money is collected, it's enforced with permission from, and documentation from the court, and most often additionally with the civil Sheriff. It's really very to monitor any progress (or usually a lack of progress) with any judgment recovery specialist.

The other reason that risks of judgment assignments are rarely a problem, is because in our current economic situation, most judgments are not collected. When the judgment can't be collected, what risks were there with assigning the judgment?

Almost always, assigning judgments is very safe. Using a judgment broker makes this even safer, as judgment brokers screen out most bad apples and flakes. Many times it's is the only way to get any possibility of getting some cash out of a judgment.

http://www.JudgmentBuy.com - where Debts and judgments quickly get enforced by an expert - matched expertly for free, to the debtor. Mark Shapiro, a expert on judgments. We pay for leads, and offer the best no obligation free leads for collection agencies, enforcers, and contingency collection lawyers.

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