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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