LOCAL AND NATIONAL
What is Money Judgment Enforcement?
Generally known as judgment enforcement, or post-judgment enforcement, money judgment enforcement is the process of performing and exercising the rights and powers afforded to you by the Court to obtain the money judgment amount.
It all begins with a lawsuit.
Global Legal Law Firm are experts at suing debtor businesses and personal guarantors on defaulted funding agreements and other commercial contracts. 97% of these suits proceed straight to default judgment unopposed. When the court awards the judgment in these matters it opens up a veritable tool box of rights and powers now available to the creditor (judgment creditor) against the debtor(s) (judgment debtor(s)).
A suit typically proceeds as follows. The filing of a Complaint for money damages. Serving the defendants with the Complaint and Summons. Waiting for the Answer period to expire, and then filing for default judgment. Once the judgment is obtained, the real work of the expert commercial collections attorneys begins.
Before the Judgment – determining Collectability.
Global Legal conducts an in-depth collectability assessment before filing any collections matter. The purpose is efficiency and accuracy. Global determines the most up to date information regarding the debtor business and the personal guarantor. Questions that are important to answer: 1) is the business still operating? 2) where does the personal guarantor reside? 3) where does each entity bank? 4) does the personal guarantor own any real property? Knowing this information in advance helps guide the course of the imminent litigation.
Conducting the collectability at the outset of any new matter enables the litigation and following post judgment enforcement to be focused on particular goals, this results in faster results, and savings to the judgment creditor.
What does it mean to enforce a judgment?
Many people believe that a court does the actual enforcement of a judgment. In civil matters it is not the court that enforces the judgment, but rather it is the judgment creditor (the victor in the case) who is responsible for taking the necessary steps and actions required to enforce the judgment. This is where GLLF shows its expertise.
Since it is not the court that enforces a civil money judgment, the judgment creditor must have an experienced and skilled law firm with the legal ability to enact the enforcement powers of execution.
Tools available for money judgment enforcement:
The ability to obtain a portion of the judgment debtor’s wages on an ongoing basis (until the judgment amount is paid in full).
Bank Levies (Levy)
Enforced through a Writ of Execution, Global Legal instructs the County Sheriff to levy known bank accounts belonging to or associated with the judgment debtors – enabling the procurance of funds against the judgment debtor’s will, and without their notice.
Real Property Judgment Lien
Recording a judgment (or abstract of judgment) with the county recorder’s office attaches to all real property that the judgment debtor owns in that entire county, creating a real property judgment lien. A device that can only be removed through satisfying the judgment (paying the judgment creditor).
Lien on Personal Property
For a judgment creditor Global Legal can place a lien on personal property two ways: by filing a notice of lien with the Secretary of State; This lien expires after 5 years, but can be renewed. Furthermore, if we discover personal property Global can instruct the sheriff to levy and sell any personal property with proceeds going to the judgment creditor. Personal property is defined as anything valuable that can be sold for cash, for example: jewelry, automobiles, electronic devices, musical instruments, etc.
Judgment enforcement experts
Enforcing court judgment is not as easy as it sounds. You need to exactly know the legal process to enforce your judgment successfully. Sometimes, debtors may be stubborn and unwilling to pay what they owe you. When you do it the wrong way, your debtor may be able to transfer or hide his assets to avoid paying you.
A good first step is to contact your judgment debtor with a formal letter or invoice. This will be the first attempt to enforce your judgment. You should be polite and don’t threaten the debtor or attempt to harass them.
Secondly, make arrangements to carry out a debtor’s examination to exactly know the assets that your debtor has. This is done through the court.
If your debtor cannot afford to settle the entire judgment, you can consider settling for a lesser amount. Though you’ll get paid less, it will reduce the collection cost and time.
Contact Global Legal Law Firm
No matter what your electronic payments litigation needs are, we’re available for free 15-minute-long consultations. We can identify what kind of help you’ll need and figure out a plan that works for you.
DISCLAIMER: The information on this website is for general information purposes only. Nothing on this site should be taken as legal advice for any individual case or situation. This information is not intended to create, and receipt of viewing does not constitute an attorney-client relationship. Prior results do not guarantee a similar outcome.