So, you’ve just won an appeal. That is all great and good—but don’t jump into the collection of judgment just yet. Because the Minnesota courts—just like courts elsewhere in the country—give the losing side the right to appeal their decision. And then, of course, there are other problems in the way: how do you ensure that the debtor pays you what you’re owed? What if the debtor is in a completely different state? What if the debtor is a possibly dangerous person?
Don’t Nudge Them
As we have already stated, the losing party has some time to appeal the judge’s decision (usually it’s 30 days, and although it could be lesser, we suggest you wait 30 days). We’d advise you to leave the losing party be during this time, and don’t bug them at all. If you strike the wrong chord, they might just be forced into appealing the decision even if they had no plans to do so originally. Besides, the losing party isn’t obliged to pay you if there’s a pending appeal on the side.
Don’t Let Them Go Bankrupt on You
A common trick debtor’s turn to in situations such as these is filing for bankruptcy. One of the first things you should do is get a lien right on their property—it could be a car or real estate. Visit a recorder’s office or any other department that takes care of such matters and have the lien perfected. Once this is done, the debtor won’t be able to hoodwink you—they’ll have to pay you first before attempting to getting the real estate title cleared.
Keep it Business-Like
While we understand that you’re fishing for money here—money that they owe you and money that you rightfully deserve—you must be mindful of how you approach the debtor. Our advice is to keep it business-like and treat the whole thing as if it were a transaction. Ask them for the money, maybe even tell them that unpaid debts show up on credit reports and aren’t a good thing, but don’t threaten them in any way. The last thing you need is the repute of a harasser.
Go for the Easier Assets
Although you can, through the court, get the debtor to give an order of examination (also known as a debtor’s exam) to make them spill the beans on hidden assets, we’d suggest you don’t reach that far.
Go for the easier stuff: bank accounts and wages or even businesses in their names. Not only are these easier to get a hold of, you have better luck and an easy time with the procedures regarding these. Going for difficult assets like cars and all (such as forcing them to sell it) tends to get unnecessarily complicated.
Don’t Hesitate to Get an Expert on the Board
It’s okay if you don’t have any idea of how judgment collection works—that’s what judgment collection companies exist for. Judgment Minnesota is one such firm operating in Minnesota that does both: offers expert consultancy on judgment collection and buys judgments if the debtors are in Minnesota, paying you in cash. You can reach out to us here.
Leave A Comment