If you think winning the judgment means that the courts are on your side, think again. In Minnesota, as is in other states throughout the country, the losing side also has several rights given to them—such as the right to appeal the judgment. These rights, plus the general disinclination of most debtors to pay you what they owe you can result in serious travesties.
However, if you’re really intent on getting those judgment debts paid to you, and if you’re willing to go any length for the job, we can tell you what needs to be done—and we can also tell you what doesn’t need to be done.
Hope for Ignorance
Oftentimes, when a judgment is given, there’s a number of years that comes within the settlement—this is the time limit within which a debtor is supposed to pay off the debt. Not doing so might exonerate them from paying you off.
But there’s a catch to this: as the creditor, you can file a lawsuit against the debtor and turn past, uncollectible credits into collectibles. If the debtor doesn’t show up in court—which means they’ve forgotten all about it—the court will count it as “affirmative defense,” and allow you to collect the funds.
But of course, the length in this case a good number of years—usually 10 years. 10 years is a pretty long time to wait for a judgment to pay off—but it’s definitely as bad for the debtor. The debt will follow them everywhere, and even show up on their credit reports.
There are, however, plenty of “credit repair” companies out there who can help them “fix” this “negative item” on their credit reports—and the creditor is the only loser in this case. If you’re willing to wait that long, there’s a good chance the debtor will forget—but there’s also a good chance that you, too, might forget.
The fruits of perseverance for so long will surely be sweet—but there’s a lot that could happen during the time you’re waiting. 10 years, after all, is a decade. It’s the difference between a millennial and Generation Z. You might have to move out of the state or the country during this time, the debtor might disappear or die, or you might die.
The safer choice is to try and receive what you’re owed as soon as possible. If filing levies and liens on their properties aren’t helping, and if the debtor shows no signs of willingness to pay up—there is another way.
Judgment collection companies such as Judgment Minnesota exist for the very reason of helping you make good on the judgments you’ve won. We work with creditors from all over the country who have debtors in the state of Minnesota. We offer expert consultancy in case a creditor needs help, and we buy judgments off creditors, paying them in cash. The rest—getting the debtors to pay off their debts—comes courtesy of our experience in the field. And we’re very good at it.