Have you been awarded a judgment in court but struggle to collect payment? This can be frustrating, especially if the debtor has no assets or money. You might consider selling your judgment to a third-party company that specializes in buying judgments to collect the debt.
Is it worth it to sell your judgment, and what risks are involved?
Understanding the Process of Selling a Judgment
When you sell your judgment, you transfer the right to collect the debt to the buyer. The buyer pays you an amount less than the awarded judgment amount but assumes the risk of collecting the debt from the debtor. It’s important to understand that if the debtor still refuses to pay, the buyer may not be able to recover the debt, and you will still receive the agreed-upon payment.
Pros of Selling Your Judgment
Selling your judgmentcan provide immediate cash, especially if you need money urgently or prefer a lump sum payment. Additionally, it takes away the burden of collecting the debt from you and eliminates the uncertainty of whether the debtor will ever pay.
How to Choose a Buyer
Before selling your judgment, research the buyer and ensure they’re reputable and licensed. Check their reviews, credentials, and ask for references. Avoid buyers who pressurize you or offer unrealistically high payments. Also, ask for upfront disclosure about any fees or costs you’re responsible for paying.
Alternatives to Selling Your Judgment
If you’re hesitant to sell your judgment to a company such as Mayflower Judgments, consider alternative options to collect the debt, such as wage garnishment, property liens, or bank account levies. These methods may require more time and effort, but you’ll receive the full amount awarded by the court.
