The Comprehensive Guide to Selling a Judgment

If you think that once you’ve won a judgment, you’ll have it all nice and smooth, you’re in for a bit of rough disillusionment. Here’s the newsflash: it doesn’t.

Making debtors pay can be a tardy business, no matter how small the amount you might have been awarded by the judge. Very few, if any, debtors pay you out of their own will. Most opt for the easy way out: they evade, elude, and straight away try and escape your concern.

 Eventually, they’re hoping that the 10-year mark would come on and you’d lose the leeway you have over them.

Why Hoping for Negative Credit Won’t Help You

Of course, you might think that the judgment will show up on the debtor’s credit reports, and that that might cause problems for them. After all, negative FICO scores are bad for employment, social repute, loan applications, business, and so much more, right?

Right, but they’re easy to take care of. All your debtor has to do is reach out to a credit repair firm (and those are available in the plenty) and the firm will “fix” their credit reports, permanently removing all the negative items on their report.

Moreover—and here’s more bad news for you—credit reports will lose the negative credit in about 7 years (not even in 10 years!) and the debtor doesn’t even have to worry about anything anymore.

How to Sell Your Judgment Instead

There’s an easier, simpler alternative to this all: sell your judgment to a judgment collection firm for cash. Here’s what you should do:

• Look for a judgment collection firm. If you’re looking for one in Minnesota, Judgment Minnesota is right up your alley.
• Discuss with them the particulars of your case (you can reach out to Judgment Minnesota here)
• Give them as much information about the debtor as you have. Remember: the more information you have, the easier it is for them to locate and collect the debt from the debtors.
• Finally, they’ll ask you to transfer your judgment rights to them. This is important because without this, transfer they won’t have the legal rights to collect the money from the debtor. Make sure you’re reading the electronic agreement before endorsing it.
• Once this is all done, they’ll pay you in cash or electronically. The amount will be proposed to you beforehand. You will not have to worry about the collection once the payment is done—it’s their hassle now!