BUYING AND COLLECTING ON JUDGMENTS
Sunday, January 8, 2023
Friday, January 6, 2023
Buying Judgments in Alabama
ALABAMA
There are no special restrictions in the state of Alabama with being assigned the judgments. The assignee of record may represent themselves or hire a debt collection attorney in the county where the judgments were granted. The attorney must be licensed in that county. Mobile, Alabama is not friendly to assignees that represent themselves.
Judgments in Alabama are good for 10 years and can be revived for another 10 years. Judgments earn 12% interest yearly since date of entry. This makes Alabama one of the highest in interest earned of all 50 states. The post-judgment proceedings are Wage Garnishment, Non-Wage Garnishment, Levy on Personal Property and Examination of Debtor as to his Property. 75% of wages are exempt from garnishment.
ALA CODE 6-9-196: ALABAMA CODE-SECTION 6-9-196: TRANSFER OF JUDGMENT; RIGHT OF ASSIGNEE THEREOF TO HAVE EXECUTION; ACTION OR REVIVER THEREON
a) When the transfer is made by any agent or attorney, the authority of the agent or the power of attorney shall be in writing duly acknowledge and recorded in the office of the probate judge and referred to in such transfer by noting the book and page where recorded. After such transfer, the original plaintiff shall have no further authority or control over such judgment.
b) If an assignment of a judgment is made or endorsed on the execution docket or on the margin of the record of the judgment and is attested by the clerk, register or judge of probate, the assignee may have execution thereon in the name of the plaintiff for the use of the assignee, whether the plaintiff is living or dead.
c) In all cases where a transfer of a judgment of a court in this state is made or endorsed on the execution docket or on the margin of the record of the judgment in the court where entered or in the office of the probate judge where a certificate of the judgment is recorded and which transfer is attested by the clerk, register or judge of probate, the assignee of such judgment in addition to the rights conferred upon him by (b) of this section may maintain any action thereon or proceeding to revive in his own name that the plaintiff in said judgment could maintain if such transfer had not been made, whether the plaintiff is living or dead.
d) The assignee of a judgment, if the assignment is in writing, may have the same revived in his name by appropriate action or motion under the Alabama Rules of Civil Procedures
NOW ON AMAZON
SMALL CLAIMS
COLLECTING ON JUDGMENTS
BUYING JUDGMENTS
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Thank you
Cynthia
Thank you
Cynthia
Tuesday, January 3, 2023
Buying Judgments In California to Collect
CALIFORNIA
There are no special restrictions in
the state of California when being assigned judgments. The assignee of record
can represent themselves in the post-judgment proceedings or hire a debt
collection attorney.
In the state of California, the
judgment creditors are owed $815,789,077 in unpaid judgments, second only to
New York. This makes California one of the best states to be assigned
judgments.
CALIFORNIA CODE OF
CIVIL PROCEDURE 673
(a) An assignee of right represented by a judgment may become an assignee of record by filing with the clerk of the court which entered the judgment acknowledgment of the assignment of judgment.
PURCHASING
THE JUDGMENTS
There are two options when purchasing judgments: either the cash up-front or future-pay methods.
The cash up-front method is when the assignee owns the judgments.
The future- pay method means the assignor is still part-owner of the judgments.
Cash up-front purchases range from 7%
to 15% of the judgment amount, depending on how collectable the judgments are.
The standard percentage of the total
judgment, court costs, interest to be presented to the assignor ranges from 20%
to 30%, depending on how collectable the judgments are.
Monday, January 2, 2023
BUYING JUDGMENTS IN OHIO
There are special restrictions in the state of Ohio when being assigned judgments. The assignee of record can represent themselves in court except in Huron county (unfriendly to assignees). They can also hire a debt collection attorney to represent them in the post-judgment proceedings.
All judgments must be purchased by cash up-front, the state doesn't allow the future pay method.
Judgments are good for 10 years but must be revived after 4 years.
Judgments earn 4% interest yearly (2004-2009, it was zero to 10%) since date of entry.
75% of disposable earnings are exempt in the wage garnishment procedure.
When filing the bank attachment, $400 is exempt from garnishing.
To examine the judgment debtor, the creditor must file a debtor's examination with the courts. The debtor's examination and debtor's disclosure documents must be personally served to the debtor.
2329.02 JUDGMENT LIEN
CERTIFICATE OF JUDGMENT
FILING-TRANSFER
Any judgment or decree rendered by any court of general jurisdiction, including district courts of the United States, within this state shall be a lien upon lands and tenements of each judgment debtor within any county of this state from the time there is filed in the office of the clerk of the court of common pleas of such county a certificate of such judgment, setting forth the court in which the same was rendered, the title and number of the action, the names of the judgment creditors and judgment debtors, the amount of the judgment and costs, the rate of interest, if the judgment provides for interest, and the date from which such interest accrues, the date of rendition of the judgment, and the volume and page of the journal entry thereof.
Such certificate shall be made by the clerk of the court in which the judgment was rendered, under the seal of said court, upon the order of any person in whose favor such judgment was rendered or upon the order of any person claiming under him, and shall be delivered to the party so ordering the same; and the fee therefore shall be taxed in the costs of the action. Each such judgment shall be deemed to have been rendered in the county in which is kept the journal of the court rendering the same, in which journal such judgment is entered.
Notwithstanding any other provision of the Revised Code, any judgment issued in a court of record may be transferred to another court of record. Any proceedings for collection may be had on such judgment the same as if it had been issued by the transferee court.
EVALUATING THE JUDGMENTS
After the first meeting with the judgment creditor (Joe Landlord), Joe sent the needed information listing the case numbers, plaintiff’s names, defendant's names, address where defendant(s) lived during the court proceedings, judgment amount and court costs. He answered the questions that you asked so let's evaluate his judgments.
(1) Are you actively obtaining judgments?
No, I sold my rental property 2 years ago. This indicates that he is ready to clean the slate.
(2) How many active judgments do you possess?
I have 6 outstanding judgments. This is the right amount to start your new judgment assignment business. Let's walk before we run.
(3) Are the judgments in one county or in different counties or states?
I have 4 judgments in Winnebago county and 2 judgments in Boone County. They are adjoining counties. This is good because your travel time will be reduced.
(4) Were the judgments recorded in the county the debtor resides?
No, the judgments were not recorded. The judgments were entered by the judge and I didn't record anything after that. This indicates that he is unaware of the court system and would probably be ready to negotiate.
(5) Have you received any monies towards the outstanding judgments?
Yes, I credited May Jones against her judgment for $220.00 that remained of her deposit of $900.00 after damages were subtracted of $680.00. It was in the itemized statement concerning the deposit that I sent her certified mail. She is aware of the credit. You will need this stated in an affidavit if a purchase agreement is made.
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