Debtors Exam
- Thread Starter ClassA
- Start date
army judge
Super Moderator
No one can draw blood from a rock, or get money from a deadbeat.
Many small claims judgments are worth far less than the paper on which the judgment is written.
Some judgment holders SELL their judgments to factoring companies or debt collectors who generally offer under a dime for every dollar.
Some folks think anything is better than nothing.
Some examples of said buyers. I am not recommending anyone, just illustrating they exist.
Judgment Acquisitions - We Buy Outstanding Judgments - Harper & White
CASH FOR COURT JUDGMENTS IN UNITED STATES AND CANADA
Judgment Recovery
Judgment Enforcement Agency Enforcement of Judgments Judgment Recovery Collection Agency
adjusterjack
Super Moderator
That.
I had rentals for 20 years and had my share of uncollectible judgments.
You suck it up and get on with your life.
Sometimes all one can do is forget about it. I, personally, find two fingers of single malt goes best with "it".
adjusterjack
Super Moderator
I don't drink. For me it's scarf down junk food.
What ever works for ya.
army judge
Super Moderator
Sometimes all one can do is forget about it. I, personally, find two fingers of single malt goes best with "it".
Two fingers, more like four fingers of Rye Whiskey does it for me.
LOL
Tex Ritter – Rye Whiskey Lyrics | Genius Lyrics
Zigner
Well-Known Member
Some might go with a fist full. 
zddoodah
Well-Known Member
Not really what you're expecting given that your question is completely abstract in nature.
How about, for starters, you tell us why you have a bunch of judgments against people?
We have rental properties and have a trucking business that hires owner-operators (1099 drivers) But why would that matter as long as the judge awarded the judgment?
adjusterjack
Super Moderator
Agree. It's not really relevant to your question though Z may have a reason for asking.
An uncollectible judgment is a risk every business takes. After doing all you can to collect, eventually you just have to give it up, take the bad debt write off and move on.
zddoodah
Well-Known Member
It gives me some background.
So, some of your judgments are against former tenants who, according to you, "either do not have a job, do not earn enough, or pay child support." Kinda makes one wonder why you'd rent to folks like this in the first place. Did all of these circumstances develop after you rented to them? How many judgments do you have against former tenants and how what's the total of all the judgments? It won't help you collect the judgments, but if you're going to remain in the landlord business, you might want to look at improving your screening process.
I own a trucking company that does lease-purchase agreements with semi-truck drivers. It's a risky business, I tell my wife we are one phone call away from a bad accident involving serious injury or death.
In this industry, I've heard of other trucking companies that create a separate truck leasing company and lease it back to the driver(s) for protection. My thought is I would own the leasing company so what good would that do for protection?
Sorry to be so vague, does anyone know more about this than I do?
Darren
In this industry, I've heard of other trucking companies that create a separate truck leasing company and lease it back to the driver(s) for protection. My thought is I would own the leasing company so what good would that do for protection?
Sorry to be so vague, does anyone know more about this than I do?
Darren
army judge
Super Moderator
If you consult a reputable insurance broker or insurance agency, you'll find many insurance sales professionals equipped with knowledge about insurance and how the RIGHT amount of insurance can protect your assets, businesses, wealth, and mental health!
adjusterjack
Super Moderator
I agree with Army Judge. The best way to protect yourself is to buy the proper insurance. Trucking insurance is complicated and highly specialized but there are agents, brokers, and insurance companies that specialize in it.
If you don't already have at least a $10,000,000 liability limit covering all the trucking exposures then you are already on thin ice. If you plan on expanding even that's not enough.
Complacency is your enemy.
If you don't already have at least a $10,000,000 liability limit covering all the trucking exposures then you are already on thin ice. If you plan on expanding even that's not enough.
Complacency is your enemy.
army judge
Super Moderator
You as the lessor, can require your lessees to carry enough insurance to protect themselves and YOU!
A leasing license is required for persons engaging in the business of leasing motor vehicles for use by others for compensation for a period of more than 60 days.
A certificate indicating the name and address of the lessee is required to be carried in a leased motor vehicle in addition to the registration receipt and insurance card.
All leased motor vehicles primarily garaged or located in Iowa are subject to registration in Iowa.
License for the Leasing of Motor Vehicles - Motor Vehicle Division - Iowa DOT
This will help you:
https://iowadot.gov/mvd/motorcarriers/truckguide.pdf
This could be helpful, too:
https://www.phly.com/Files/Application - Lessors Contingent and Excess36-11264.pdf
Another useful source:
Trucking Insurance 101: Physical Damage and Gap Coverage - Truck Writers
zddoodah
Well-Known Member
Highly unlikely that anyone here has particular knowledge about your injury.
Sit down with an attorney to discuss the risks of your existing business model and whether any alterations to that business model might be a good idea. Then, once you have a clear understanding of the applicable risks, sit down with a commercial insurance broker to make sure you have all of the coverage you need.
We own a trucking company that has owner-operators and they pull our trailers. Some of them came to us with their own semi-trucks and others are doing a lease-purchase of our semi-truck(s).
One of the owner-operators recently had an accident, we were fortunate that the title to the semi was in his name for insurance purposes. In other words, it worked out better for us.
A couple of our lease purchase drivers are close to paying their semi-truck off and neither of them can manage money. I currently loan them money for repairs since the title is still in our name, I've made it clear that once I sign the title over to them, we can no longer loan them money for repairs. I like these guys.
After they pay the semi-truck off, what if they agreed to let me file a lien on it? Would this mean we would benefit from not having the semi-truck in our name any longer? while still having control of them not being able to sell the truck without paying me back for the repairs first?
Would being a lienholder make us as liable as if the title was in our name?
I google "vehicle lien" and didn't really find what I was looking for.
One of the owner-operators recently had an accident, we were fortunate that the title to the semi was in his name for insurance purposes. In other words, it worked out better for us.
A couple of our lease purchase drivers are close to paying their semi-truck off and neither of them can manage money. I currently loan them money for repairs since the title is still in our name, I've made it clear that once I sign the title over to them, we can no longer loan them money for repairs. I like these guys.
After they pay the semi-truck off, what if they agreed to let me file a lien on it? Would this mean we would benefit from not having the semi-truck in our name any longer? while still having control of them not being able to sell the truck without paying me back for the repairs first?
Would being a lienholder make us as liable as if the title was in our name?
I google "vehicle lien" and didn't really find what I was looking for.
army judge
Super Moderator
You should consult an Iowa attorney and an Iowa licensed insurance agent.
Don't trust your livelihood by soliciting unknown, internet entities.
Unless you're a bank, credit union, or savings & loan; loaning anyone money isn't a sound business practice.
That said, I'm surprised to see you've done nothing suggested in December of last year.
Procrastination never solves any problem.
Ask a Question
Share this page
