Why It Is Hard To Sell A Judgment

http://www.psychologytoday.com/files/u759/money_stack.jpgDuring boom economic times and general upward mobility, it was not difficult to sell a judgment for cash. Only judgment debtors can repay judgments, so everything depends on the current status of the specific judgment debtors. When your judgment debtor does not have a lot of available assets or income showing, nobody will pay much. And, nobody will pay more than a penny on the dollar for broke judgment debtors. If the debtor is poor and is also old or sick, you probably could not even pay someone to take your judgment.
This article is my opinion, and not legal advice. I am a judgment broker, and am not a lawyer. If you ever need any legal advice or a strategy to use, please contact a lawyer. The economy alone, has made judgments much more difficult to sell or recover. Even when your judgment debtor has money, if they are experts at hiding it, or moving assets where they cannot be reached by creditors; nobody will pay much cash upfront for your judgment.

Anyone that buys a judgment must recover something from it, to even break even. In boom times, people were much more willing to risk spending money; to buy a judgment and then spend more money and time trying to recover it. The economy has depressed judgment buying in three ways:

1) Like most of us, most judgment buyers are lower on funds now than they used to be. Many have been burned from buying judgments in the past, when the economy first went south. Now, buyers are very picky about which judgments they will risk money to buy. Most do not have enough liquid assets to pay (cash upfront) what might be fair for giant judgments with giant debtor assets.

2) Courts have raised their fees, and most have downsized, and some have even closed down. Most courts now place a much lower priority on judgment recovery proceedings or actions. Recovering judgments always depends on the courts.

3) Many judgment debtors are now broke, or at least more broke than they used to be. The primary ways to recover judgments are recording a lien on property, or garnishing/levying either bank accounts or wages. Without liens on property with sufficient equity, or employment income/bank accounts to garnish, judgment recovery is difficult at best.

If your judgment debtor has no available assets, it will be difficult to find anyone to attempt to recover your judgment on a contingency basis. Also, it will be almost impossible to find a judgment buyer at more than a penny on the dollar.

If your judgment debtor has assets, it is important to identify them. "He used to own lots of property and kept them in a relative's name" will not interest a judgment buyer. Three things that may interest a judgment buyer are:

1) Clearly identified assets the judgment debtor now owns, for example, property and expensive vehicles. Note that when property has a lien against it or is leased, it usually cannot be used to satisfy a judgment.

2) Clearly identified current income of the judgment debtor, for example where they work. Note that when there is a previous wage garnishment in place, it can prevent a new creditor from using that income to satisfy a judgment.

3) Clearly identified possible future assets of the debtor, for example if they may soon inherit property.

The more assets your judgment debtor has, the less likely it is that you would have sued them. Also, the more likely it is that they would have already paid you. Finally, more debtor assets increase the chances that you would be able to sell your judgment; and the more money you are likely to get for it on a future payment contingency basis.

Thinking About Making a Move to the Sun?

http://isic2011.org/wp-content/uploads/2012/06/i-need-money2.jpgWhile it may seem incredibly appealing to pack up everything and head for a place in the sun when you retire, going through the whole process requires a fair bit more work than most people realise. Life as an expat can be a relaxing way to spend your time after all those years working and by making sure you've got a few things covered, you know there'll be no problems. Your first steps should be organising everything in your soon-to-be old home, so don't be afraid about getting in touch with people who can help.
Be prepared for some huge changes

A major decision involves your old home; what are you going to do with it? Some people may choose to sell while others decide that rental is a good idea, as it provides a regular income that you should be able to depend on - but what if something goes wrong? You'll need to organise someone responsible to look after it on your behalf who can deal with repairs and ensure that your tenants pay their rent on time, so choose wisely.

Depending on where you're moving to, it could be a good idea to get some lessons in your new home's language. Sure, you'll find that a lot of expats think that English is enough but if you're thinking about integrating into society there's no better way to do so than being able to speak like the locals do. Don't worry if you make the odd mistake; people will be happy that you're making the effort to fit in and may even offer to help you improve your skills.

Call a wealth management advisor as soon as you can

You'll find that you're making a lot of huge choices in a short space of time, so be sure to enlist the help of professionals who can help you take a lot of the pressure off. Your finances will be up in the air, so speaking to wealth management advisors is a great idea. They'll be able to talk to you about everything from how your pension will be affected to letting you know what kinds of insurance you'll need, as well as tell you what you should be budgeting for during and after your big move.

When you're looking for an advisor, make sure that your chosen specialist is experienced in global wealth management. That way you'll know that they're skilled in helping clients who are located all around the world, rather than just in the UK, and have contacts in many countries who can help out with any issues that could arise. Ask plenty of questions and be prepared for absolutely anything, but above all enjoy your new life in the sun.