The court declared that you won your case. Now, someone owes you money. What do you need to do next? See, you have to collect the money for yourself because the court will not do it for you. Before you do, you must wait for at least 30 days to wait for the debtor to appeal against the ruling. See to it that you handle this matter immediately because the judgment will expire after 10 years unless you file to renew it.
Ways to Collect A Judgment
1. Send the Debtor a Written Correspondence
You must write a letter to encourage the debtor the money they owe you. State the way you can accept the money, your address and other contact information. Remember that the more payment is offered, the more likely the debtor will be able to pay. You must also request that all
communications should be done in writing to in case you want to keep track of the process.
2. Ask for the Money At Once
The main advantage of this method is the debtor will pay the whole sum at once. In that way, you will never have to worry about it in the future. Consider giving the debtor a discount that usually has an interest waiver. This will incentivize the debtor and will encourage to pay his debt. Communication is the key here. You can work with the debtor if he or she is willing to.
3. Draft a Payment Plan
In some cases, the debtor can’t pay the sum all at once because he still doesn’t have enough assets to do so. When both parties agree to the payment plan, make sure to include the Stipulation for Time Payments after you and the debtor have signed it. If both parties can’t agree, consider going back to the court to pursue your money.
4. Recording an Estate Lien
After the 30 days, you need to fill out an Abstract of Judgment. When you file this, it will put a lien on any land or building owned by the debtor. Proceed to send it to the Recorder’s Office of the court. Ensure that you file an acknowledgment of satisfaction when the debt is paid.
5. Suspending the Debtor’s Driver’s License
If you’re a victim of a DUI mishap, you can definitely file for the suspension of debtor’s driving license. Fill out a particular form after waiting for the required period to be over. File the form into the clerk of courts and pay the fees. Again, if the debt is satisfied, you can now file the acknowledgment of satisfaction.
6. Seizing the Debtor’s Assets
Talk with your local sheriff if the debtor has the ability but unwilling to pay. Look the needed information on the Statement of Assets filled by the debtor. If this fails, you can try to find and locate the debtor’s assets on your own. After that, you must file a writ of execution, which details judgment and enables the sheriff to seize assets.
The simplest thing to do is ask for your money. Consider lowering the amount the debtor must pay. In that way, you can save a lot of time and effort worrying about it in the future. Both parties must be willing to settle in order to avoid further court hearings.