I am considering small claims, but this is my first rodeo.... just wondering if this sort of thing would stand in small claims?
You might prevail in small claims.
The big issue is IF your former tenant has the funds to pay you.
Usually, he/she is in a more dire financial situation than you are.
You must decide if you can eventually collect a judgment, should you prevail.
Bottom line, you'd have to do it yourself, or hire a company to try it in your stead.
Most companies charge a fee, as in a portion of your award to chase the deadbeat.
Key takeaways:
To sell a judgment for cash, you can use online judgment marketplaces or reach out to debt collection agencies that specialize in purchasing judgments. Provide the details of your judgment, receive offers from potential buyers, and complete the sale to receive cash for your judgment, often at a discounted rate.
If you've won court judgments but find it difficult to collect the funds from the debtor, selling the judgment to a collection agency for cash might be the best option. In this comprehensive guide, we will delve into the process, options, and considerations for selling your court judgments in the marketplace to turn them into immediate money.
Why Sell Your Judgement for Cash?
There are several reasons why you, as a buyer, might want to sell your court judgments for cash, including situations involving a debtor.
Time and effort: Collecting on a judgment can take a significant amount of time and effort, especially if the debtor is uncooperative or difficult to locate. Selling the judgment allows you to receive a portion of the judgement amount without having to chase after the debtor.
Expertise: You may not have the knowledge or experience necessary to effectively enforce and collect the judgment. In such cases, selling the judgment to a professional collection agency or law firm can be a wise decision.
Risk mitigation: There is always a risk that you may not be able to collect the full judgment amount. Selling the judgment for cash provides an immediate payment, which could be preferable to the uncertainty of collecting on your own.
Cash flow: If you need funds immediately, selling your judgment can provide quick access to cash that you can use for other financial needs.
How to Sell Judgement for Cash | Debexpert
Selling A Judgement: What You Need To Know Before Making The Sale - Creative Judgment Solutions, Inc.
The amount of money that you can expect for your judgment depends on several factors, including the type of debt and its current market value. Generally speaking, most judgments sell for between 10-15% of their face value. However, this price may vary depending on who purchases them, and other factors related to the statute of limitations claim itself.
It's important to remember that once you sell your judgment, it will no longer be enforceable in court—it's up to the collection agency, lender, or investor who purchases it from then on out.
How to Sell a Judgment to a Collection Agency - The Guide
Your call, boss.
