How to Turn A Collection Judgment into Cash?

Congratulations! The court has successfully ruled in your favor and has awarded a favorable judgment for your collections. However, obtaining the judgment is not that easy. It will require hundreds of hours of meeting with your judgment collections lawyers in Florida. They perform intense discussions about collecting required documents, email copies, attending hearings, and even testifying at trials. However, most people assume that a judgment that cannot turn into a good profit is worthless.

The best judgment lawyers in California will guide you through the entire process. However, here we are setting out five basic principles you will need to turn judgment into cash.

1. Front-End Planning -It ensures that your collection efforts proved to be fruitful. Improve the success rate of collection actions through considerable planning by expert judgment collections lawyers in Florida, before providing materials to contractors or entering a legal contract. For instance, suppliers and vendors can use credit applications to their customers along with their bank names, federal tax identification numbers, and large security purchases. By having this key information, creditors can get some idea of where to look for a judgment. Contractors and subcontractors can keep copies of their checks they receive while working on the project. This way, if a debtor turns out to be a “shell” with no assets, the guarantor can have money or legal property which can satisfy a collection judgment.

2. Record the Judgment -The purpose of recording the judgment is to give judgment notice to the creditors and to serve the claimant’s place equally to distribute any assets the debtor may have. Once the judgment gets recorded, it is also essential to know the lifespan of a judgment and the renewal process. An expired collection judgment is of no use to a creditor. The judgment collections lawyers in Florida states that here the judgment lifespan is nearly 20 years in some cases (F.S.A. § 55.081 and 95.11).

3. Domestication- Once you obtain the judgment in one state, you can relocate it to another state for better collection efforts. You can also hire local judgment lawyers in California who can help you relocate your judgment to another state. Most states have adopted the Uniform Enforcement of Foreign Judgments Act that enables judgments obtained in one state tends to relocate to other state for domestication where the other state’s court will give faith and credit to the creditor.

4. Garnishments -Once you obtain a judgment and domesticated it, you can collect on the judgment through the garnishment process. It can serve on businesses, banks, employers, government entities, contractors, owners, and subcontractors to collect money owned by judgment debtors. Garnishments are very effective as they permit the creditor to seize a debtor’s bank accounts, deposit boxes, or weekly wages.

5. Post-Judgment Discovery -Creditors can demand post-judgment interrogatories, ask for the documents, learn the amount and location of the debtor’s assets to satisfy collection on a judgment.

In case you want to know more about how you can proceed with the judgment on collections, hire well-experienced and reliable Judgment lawyers in California who can surely turn your collection judgments into cash. The experience and skills of judgment collection lawyers can help perform a no fee debt collection on the client’s behalf.

David Roy is the author of this article. For more about judgment collections lawyers in Florida please visit the website.

Website Name: No Fee Debt Collection

Address: 30 Wall St, Manhattan, New York, New York 10005, United States

Phone: 1 (908) 489-7580