What will you pay for my judgment? This type of question makes judgment enforcers and judgment buyers roll their eyes. The reason is, that type of silly question tells them the person hasn't any idea what judgments are; and, the expert can expect a long and frustrating conversation ahead, without any resulting sale.
This article is my opinion and is not, a legal opinion. I am a judgment broker, and not an attorney. When you ever want legal advice or a strategy to use, you should retain a lawyer.
A judgment is only a piece of paper. When you spend time and money, judgments provide an opportunity to be paid eventually. Every judgment is a situation that depends on a court document, the local laws, the future and current circumstances of your debtor, and their income, available assets, and debts. Most often, if your debtor applies for bankruptcy protection, a judgment becomes worthless.
Lots of people still believe a judgment is worth a lot of money, even without a judgment debtor. Nothing is further from the truth. Without potential available assets from a debtor, a judgment is almost certainly worth nothing. Anyone not providing debtor info along with the judgment, won't ever receive an accurate quote for the judgments' possible purchase.
How much you get for a judgment sale, depends on the complete copy of the judgment and then due-diligence done on the judgment debtor; to estimate the chances of a possible recovery. A judgment is not fungible as a dollar bill is, the cash up-front value of a judgment depends on your judgment debtor and lots of records checking. Here are five errors that many judgment creditors make, as they try to sell a judgment:
1) Asking for a judgment sale quote using the telephone. Nobody is able to give you an accurate selling price for a judgment cash up-front sale using the telephone.
2) Sending the judgment without any debtor info; or sending some paperwork, however not your judgment.
3) Emailing a firm sale price demand or a short time response limit; for someone to purchase your judgment. The majority of buyers throw incoming copies of judgments in the trash; if the creditor sends requirements such as "I am willing sell my $10,000 judgment for $5,000 if you buy it within 24 hours".
4) Over-shopping. If you forget what buyers you sent a judgment to, that means you shopped it around too much. What you could be for a judgment depends just on the assets of your debtor, not on who you discuss your judgment with with, and/or email it to.
5) Trying to make judgment buyers bid against each other for your judgment. Nothing discourages a buyer quicker than somebody writing "I've sent this to ten other judgment buyers, and I plan to sell My judgment to whoever offers me the highest price".
Providing an accurate quote for a cash upfront judgment sale costs a lot of time and (most of the time) money too. What motivation is there for a buyer waste their time, when there is a very big chance all the work will be for nothing? If your judgment is a lemon, nobody will buy your judgment. If your debtor is really rich, the price you get will be about the same, and it does not matter who you send it to.
When you are trying to get someone to buy your judgment, be sure you send a copy of it and what is known about your debtor. Telling what an evil cheater the judgment debtor is, is not important. Your judgment debtor's approximate age, previous address, their possible income or assets; will get you an accurate quoted price for selling your judgment.
Article Source: http://www.abcarticledirectory.com
Judgment recovery, is a collections effort, which means to collect or enforce your judgment. Buyers can help with your judgment recovery attempts. Mark Shapiro of www.JudgmentBuy.com - Your fastest and easiest free way to find the best professional to recover or buy any judgment.
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