If you had been feeling particularly euphoric after winning a judgment, and if it has been some time since the judgment was given, you probably know it isn’t that easy. Most of the time, the debtors won’t pay you so easily—in fact, they might plan on not paying at all.
And what are your options when such is the case?
Can the debtor go to jail for not paying you? Nope. Can you lay claim on their tax refunds or usurp their bank accounts? Nossir.
So, do you just sit and wait? Not with an expert with sound financial expertise on your side you don’t.
Do You Have Collateral?
If you’re thinking of suing a debtor in Minnesota who hasn’t paid you so far, ask yourself this: have they already pledged an asset to you as collateral, such as a car or some other vehicle? These are called secured debts and are always the better option. In such a scenario, you don’t have to sue the debtor at all, and you won’t even have to go to court. Just take the collateral.
What if I Have Unsecured Debt?
If you don’t have any collaterals to fall back on and the debtor isn’t paying you, you’ll have to go about it the hard way: you’ll need to sue them in court. Eventually, the court will announce an award in your favor, but it doesn’t end there. You still have to go through the trials and tribulations of judgment collection—and people who have been in your boots know it’s not easy at all.
Not only will the debtor try to evade you for all eternity, the state of Minnesota also allows them certain rights, which you can be sure they’ll exercise before they can give you a single penny.
What to Do When the Debtors Don’t Pay?
We understand that it gets annoying and irritating when someone doesn’t pay you the money you’re rightly owed. The situation is, of course, worse when you need it to pay for medical bills, personal injury, property damage, and/or lost wages. What you should never do is try and intimidate the debtor as that might play against you.
Keep your calm and get in touch with a professional judgment collection firm such as Judgmental Minnesota. We help creditors from all over the country who have debtors in Minnesota owing them money.
What we do is fairly simple: we buy the judgments. Easy and quick, just like that. What this does is that the creditors get their money and we exercise our legal expertise in making the debtor pay up. Interested in our services? You can reach out to us or find out more about our services here.