Victorious after a New York lawsuit? Time to turn that judgment into your rightful bounty! Don’t get confused with legal terms – this guide cuts through the jargon and empowers you to collect on a judgment in New York like a pro.
Learn about timelines, finding money, legal tools, and lawyer advice – we’ll show you how to turn a judgment into real money. Figuring out how to collect money after a judgment might seem tough, but if you know what to do, you can get the cash you deserve. Follow the steps mentioned in this blog for the collection process
You’ve got a judgment? Follow these process
Here are some crucial questions to guide you through the collection process:
How Long Do I Have to wait?
Each state has a “statute of limitations” for judgments, setting a timeframe within which you must act. Missing this deadline could render your judgment unenforceable. Take your time; consult a lawyer to confirm your state’s specific timelines.
Where Do I Start?
Filing a “transcript of judgment” with the appropriate court clerk is usually the first step. This creates a public record of your judgment and makes it easier to track assets owned by the debtor.
How Do I Find the Debtor’s Money?
Locating the debtor’s assets is vital. They might ask you for information, use tools ordered by the court, or even hire someone to investigate. Once you have a lead, you can explore collection options.
What Collection Tools Are Available?
Here are some standard methods:
- Wage Garnishment: The court orders the debtor’s employer to withhold a portion of their wages and send it directly to you.
- Bank Levies: The Court orders banks to freeze and transfer funds from the debtor’s accounts to you.
- Property Liens: If a judge says you owe money, they can claim your stuff, and it might be sold to pay the debt.
Do I Need a Lawyer?
While not always mandatory, an experienced lawyer can be invaluable. They can navigate the legal complexities, handle paperwork, and represent you in court if necessary. Remember, legal expertise can save you time, money, and headaches in the long run.
What If the Debtor Has No Money?
Unfortunately, sometimes, collecting on a judgment proves fruitless. Debtors may be judgment-proof due to limited assets or exemptions protecting specific property. While frustrating, accepting this possibility early on can lessen disappointment.
Conclusion
Getting money after a judgment can be tricky, but you have a better chance if you have the right info and help. Remember, knowing things is powerful, and getting legal advice can be your best tool in dealing with collections.
