A judgment is not collectible until the time has expired for the debtor to appeal the ruling. This is typically 30 days but could vary by jurisdiction. After expiration, however, you can move to collect on the judgment.
If you fail to file an Acknowledgment of Satisfaction of Judgment, or fail to notify the debtor by sending them a copy, you could be liable for any damages suffered by the debtor.
Wait 30 or 90 days from the date of judgment. Depending on the amount owed by the debtor, you will have to wait a certain period before filing the required form. In California, if the judgment is over $750.00, you must wait for 30 days after judgment is entered.
If the debtor does not pay the full amount immediately (or agree to a payment plan), then you can move to seize assets, or even suspend the debtor's driver's license, in order to satisfy the judgment.
Before you can record a lien, which will give you an interest in property owned by the debtor, you must wait for a certain period after you receive a judgment against the debtor (usually 30 days).
A plaintiff can enforce a judgment for about10 years, depending on the state, after it is entered. But, simply because a judgment is entered does not mean that the money will simply appear in the plaintiff’s bank account.
A plaintiff can enforce a judgment for about10 years, depending on the state, after it is entered .
Interest on your judgment accrues at the rate of 10% a year. The amount of interest is calculated from the date the judgment was first entered. If your judgment is an installment judgment, interested is calculated for each installment from the date each becomes due.
This is called a “debtor’s examination .” There are several steps to this process that must be followed closely.
Seizing business assets is a much more complicated process than levying receipts, and is only recommended if you have received a large award (more than $10,000) or are interested in receiving property your employer owns as part of your judgment. When business assets are seized, the levying officer at your expense takes property from your employer’s business and then sells it to pay off what is owed to you, including the costs of seizing the assets. Not all property can be seized. For example, property belonging to your employer personally or property that the business does not fully own is off-limits. Generally, the property is sold for much less than its market value. The main benefit of this method may be that the threat to your employer of having its business assets seized might coerce your employer into paying off your judgment.
It is generally bad news if your employer files for bankruptcy . However, you are still entitled to attempt to have your judgment, or a portion of your judgment, paid as part of your employer’s bankruptcy plan.
It is crucial that you find and abide by this date, as filing late usually means that you won’t be able to recover any money.
The Workers’ Rights Clinic is a project of The Legal Aid Society - Employment Law Center, a non-profit organization focusing on the employment-related legal rights of low-income workers and providing free legal information on a wide range of employment-related problems.
In order to collect your judgment, you must use the correct name of the person or business that owes you money. If the name listed is incorrect, you may not be able to collect your judgment. If this is the case, the plaintiff may request to amend the judgment to include the appropriate and legal name(s).2
The Code of Civil Procedures allows the creditor and debtor to settle their case for a lesser amount than the entire judgment5. Once such an arrangement has been made, the creditor has an obligation to give or file an Acknowledgment of Satisfaction of Judgment if he/she decides to accept an amount less than the judgment as full payment.
30 days after the debtor was served you can obtain a Writ of Execution (EJ-130). If the debtor does not file a motion to vacate the judgment in those 30 days, then your California judgment is finalized and you can begin collecting.
However, a good place to look up background information on the debtor is www.ussearch.com.
If the debtor owns a business then you may be able to collect from the business’ assets. The City Hall website and the Secretary of State’s website are great resources to help you conduct business searches. You can request information from the Secretary of State regarding the business by writing to the Secretary of State or visiting its website.
If you are having trouble locating a debtor, one way to obtain information is to go through public real estate records at the County Recorder’s Office. The County Recorder’s Office is in charge of recording any last recorded document under a person’s name such as real property transactions. Each county has its own recorder’s office that stores public information for their residence. You will need the full legal name of the person and go to the county where you think the debtor resides to be able to look up any records through the County Recorder’s Office indexes. You can also look up records through the County Recorder’s Office by using the Internet and entering the debtor’s name.
When you win a claim against a real estate agency, the agency has 30 days after the Notice of Entry of Judgment to appeal. You can find out whether or not the real estate agent is licensed by conducting a search through the Department of Real Estate’s website at http://www.dre.ca.gov/ or call (916) 227-0931.
What Happens After the Judgment Is Entered? A judgment can turn an otherwise uncollectible old credit account into a collectible amount of money. For instance, a statute of limitations may prevent a creditor from collecting funds you owe them, after a set number of years. But that same creditor may initiate a lawsuit against you—hoping ...
A judgment typically consists of the debt owed plus interest. The interest can accumulate from the time the judgment is recorded until the time it is paid in full. Other charges that may be levied are court fees, attorney fees, ...
Under state law, a judgment is a lien on the property, which opens up a host of possibilities for creditors. 1 . If your state allows it, the judgment can file a levy with the court and your employer, instructing the employer to garnish a portion of your wages, to pay the creditor. Garnishments may also target bank accounts.
Depending on your state, a judgment remains valid from 5 to 20 years or more. 5 6 That's a long time for a debt to follow you around. Furthermore, judgments show up on credit reports for up to seven years and may appear on background checks until the judgments expire, whichever is longer. 7 .
According to the Fair Credit Reporting Act (FCRA), the collection judgment may remain on your record for at least seven years and even up to 20 if the creditor renewed it as per required by law. When you have all of the necessary details, you can make a more informed decision. A professional attorney will work with you to determine the best course of action to settle the collection judgment against you.
Under certain conditions, you can contest the judgment or file an appeal. There is a possibility the collection judgment can be reversed. Since laws differ from state-to-state, it’s best to consult with a local lawyer.
This type of lien is filed with the Department of State and only valid for five years. After this time period has passed, the creditor must obtain another judgment lien.
After seized, the property is sold and the creditor paid from the proceeds. This act is known as an execution of judgment. The creditor is responsible for any fees that result from an execution of the collection judgment. Upon the satisfaction of the debt, a record of satisfaction will be mailed to you or the person who paid the debt.
According to the Fair Credit Reporting Act (FCRA), the collection judgment may remain on your record for at least seven years and even up to 20 if the creditor renewed it as per required by law. When you have all of the necessary details, you can make a more informed decision.
A court-approved bank levy freezes the funds in your bank account until the debt has been repaid. The creditor may or may not notify you prior to the levy. If a creditor suddenly levies your account and drains it of all your funds, then you have been subjected to “gutter service.”.
This is a commonly used method of providing the lawsuit papers to a messenger, only to have them tossed in the “gutter.”. Yes, your bank account can be drained to the very last penny.