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Mark D. Shapiro - Judgment Enforcement Expert - good for all judgment owners, Judgment Enforcers and contingency [link widoczny dla zalogowanych] collection attorneys:
- where Judgments quickly get Purchased or Enforced!
As I am the judgment broker, I observe a lot of judgment purchases and even more attempted judgment purchases. I see that each week, the amount of money anyone [link widoczny dla zalogowanych] offers to pay for judgments is falling.
The value of judgments rely only on the situation of the debtor. With our economy declining, almost everything and everyone's assets are [link widoczny dla zalogowanych] shrinking or losing value. Incomes are down, house values are down, employment and opportunities are reduced, savings rates are down. When a debtor owns nothing, judgments are worth nothing.
Even when a judgment was for fraud, and the debtor took a lot of money from you, many frauds do not do so good in over the long term. Most [link widoczny dla zalogowanych] people that had wealth several years ago are no longer wealthy. Many folks are not doing so good now, and most debtors are doing even worse.
Purchasing a judgment is always risky. In a good economy the risks were smaller, because many debtors (and their families) often made more money in the future. In a good economy, purchasing a judgment would be a moderate risk.
Now, purchasing judgments is much more [link widoczny dla zalogowanych] risky. Here [link widoczny dla zalogowanych] are my top 10 reasons selling judgments for cash up-front, provides much lower cash prices now, due to the increased risks:
1) Income loss and business failures. Debtors might find work under the table, for instance selling illegal things or being an unlicensed contractor, etc. Such income sources are very difficult to verify or recover.
2) With home prices sliding, liens are much less likely to pay off.
3) Debtors are now more likely to file for bankruptcy protection. In most cases, bankruptcy cancels most judgments. Note that even if the judgment was for fraud, it requires a lot of time and money in bankruptcy court to bring this to the court's attention. Also, if the debtor is poor, you still [link widoczny dla zalogowanych] may not get paid, or recover the extra costs [link widoczny dla zalogowanych] to make your judgment non-dischargeable.
4) Debtors are now more likely to attempt to appeal or to set-aside/vacate judgments. If you buy a judgment outright and the [link widoczny dla zalogowanych] debtor wins a motion to vacate, your judgment is gone.
5) Enforcement expenses are always increasing. Courts and sheriffs often raise their fees.
6) Laws are changing to better protect debtors, protecting their privacy and increasing their exemptions from a creditor's levy.
7) Each year it becomes more difficult to enforce a judgment against debtors older than 65 years old.
Because asset values (vehicles, property, etc.) are shrinking, the economics of sheriff auction sales are making less sense.
9) As our economy declines, more and more people [link widoczny dla zalogowanych] attempt to get [link widoczny dla zalogowanych] cash up-front for their judgments, which moves [link widoczny dla zalogowanych] cash up-front pricing for average judgments downward.
10) The same risks that have always kept cash up-front prices low still remain. If the debtor dies, becomes disabled, poor, moves far away, or goes "underground", the judgment becomes worthless.
Sometimes good things happen to debtors, for instance they might inherit a house or win the lotto. Cash up-front buyers cannot count on rare potential luck.
However, future pay enforcement specialists can take advantage of such lucky breaks, and then share the luck of the debtor with you. Unless your debtor is wealthy, you are always better off with a future-pay judgment recovery specialist or a contingency collections attorney.
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