I am not a lawyer, I am a judgment matchmaker. This article is my opinion, and not legal advice. If you ever need any legal advice or a strategy to use, please contact a lawyer.
In my job, almost every day I read and hear statements similar to: “I’ve contacted about 100 judgment buyers, and they either tell me no, or do not respond at all. My judgment is guaranteed and my debtor lives very well in their mobile home, getting both social security and disability payments, so why won’t anyone buy my judgment?”
In that example statement, the judgment owner has no idea that their debtor’s situation makes it very difficult to recover their judgent (social security and disability are off limits to creditors), and that judgments are never guaranteed, are the reasons they have had no success with their one hundred tries.
Because of the economy, most judgment buying companies are now either partially or fully out of business. However, many leave their web sites up and running, providing an illusion that they will pay big cash upfront for most judgments.
Most judgment buying companies ignore or turn down, far more than 99% of incoming judgments. When a judgment debtor is really rich, some will pay cash upfront for your judgment. If your debtor is not rich, the best of them will say no, others do not respond at all.
The right way to sell a judgment is to market and price it correctly. Only the judgment debtor’s available assets can satisfy a judgment. When the judgment debtor is poor or unknown, your judgment is worth very little, no matter who you contact.
If you have contacted several judgment companies or contingency collection lawyers about your judgment, and have been ignored or turned down several times, the wrong thing to do is to continue contacting judgment companies or contingency collection lawyers.
A smarter thing to do, is to list your judgment once with a judgment broker, referral, or listing company; because for free, they help you find a qualified judgment buyer or recovery solution.
Here is four other reasons why it makes sense to send your judgment to a judgment broker:
1) You send your judgment and information just once. This conserves your voice and your time. You specify your request once, instead of negotiating with too many people, that will not be able to help you.
2) They bring the best offers to you. The best do the shopping for you, finding better experts than you could, and match your judgment, and judgment debtor to the best experts local to your debtor.
3) They specialize in referring any and all judgments and judgment debtor situations, so you do not need to search and look through ads.
4) The best judgment referral companies screen out flaky or unresponsive companies, so you avoid wasting time on them.
Whether you have a “slam-dunk” and easy-to-recover judgment, or a “lemon” judgment, using a judgment broker saves you time and money. They are not magicians, however they can help make hassles and time wasting disappear.