Judgment a powerful tool to collect debt
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Q: I am 15000 dollars owed by a friend that I borrowed. He was allegedly to pay me two years ago and a note. I always thought of a judgement against him because he works, has a nice house and a car. He says he has no money and the future of the last round. You said in a final column, the judgments are not worth the paper they are written. Is it a waste of time, a judgement? A: No, a judgement can be an effective way to collect a debt. It is a mandate of a court declares that one person to another through the money. Once you have a trial, you can try to collect the sum by way of garnish bank accounts and wages, seizing tax refunds, the real and the sale of personal property of the debtor and other means. If a debtor has money, judges, the right to free payment of creditors, who have no money, it must satisfy the judgement. If the debtor is not in order, it may be thrown into prison. Given that column than in the past, I think what I said is that “sometimes” a judgement is not a lot of value, because they are not collected. The key to the effectiveness of stopping, whether the debtor in cash or in kind, and if you find him and his property. In determining whether a trial research, you should consider three factors: your chances of success, costs of proceedings, the debtor and the likelihood that you collect judgment. If you have a strong case, you probably want a judgement - even if the debtor has no money. This can be explained by the fact that a trial, by law, is compatible with an interest rate of 9%, and for the last 20 years. There is always a chance that the debtor has received money or property to pay your judgement over this period. But if your case is not shielded and that the debtor has little, if all assets They face a difficult decision. They can also lose, and even if you win, the order would be worthless and you have attorney’s fees to be paid. What is your case, it appears that you may be able, in a judgement. They wrote a note, no, ie it is a good example. Indeed, the debtor has a job and property, you have a reasonable chance to come together, to what you had to be 20 years old and do. One thing is clear - if you have nothing to do, you will receive nothing. |