Posted by JT-IN on September 30, 2003 at 21:08:02:
Some years ago, we were in a retail business. Unfortunately we were robbed, and fortunately not for a large sum of cash or damages. At the time the prosecutor (who was looking for steam for re-election) instituted a program where convicted criminals had an opportuinity to make restitution to victims for a reduced sentence.
One day upon arriving home I thought that maybe someone had forgotten to invite me to a party… (at my house). It seems that I had several family members of one of the criminals who had found out that day that their beloved (crook) family member was possibly eligible for a deal, if restitution could be worked out… I was quite popular for a few days until they learned that somehow the (crook) fellow was not really eligible for early release… then they all forgot about restitution… Until one day about a year later, he (crook) was really eligible for early release… I got every last penny I lost (3 or 4 years before), sans interest.
As you say… they needed me, so they paid up… hunted me down so they could get what THEY WANTED…
Posted by Lezlie(TN) on September 29, 2003 at 20:47:57:
I have a judgement in the amount of $3,000.00 for a tenant I evicted. Does anyone know a company or person who buys judgements in Tennessee. Thanks for the help.
Posted by DavidV on September 30, 2003 at 23:12:32:
I agree with the guys below, you could have as good of a chance to collect as anyone. Ask the court that does your evictions and they should be able to tell you how to file the judgement and garnish wages. It probably won’t cost much to file it. I can file for $5 and garnish wages for $40. (MS)
In NY, judgments are good for 10 years, and renewable for another 10 years (so in theory judgments are good for 20 years). Perhaps in that interim, your former tenant might win the lottery, or inherit a lot of money, or make more money etc. In addition (while you wait for 10 or 20 years !) interest on you judgment accrues so that when and if you are able to collect on youe judgment, you may be able to collect much more than the amount on the face of the judgment. The moral of the story is this: Don’t throw away that “worthless” judgment because as “worthless” as it is, it is just as “worthless” as a lottery ticket…but hey you never know
In NY, judgments are good for 10 years, and renewable for another 10 years (so in theory judgments are good for 20 years). Perhaps in that interim, your former tenant might win the lottery, or inherit a lot of money, or make more money etc. In addition (while you wait for 10 or 20 years !) interest on you judgment accrues so that when and if you are able to collect on youe judgment, you may be able to collect much more than the amount on the face of the judgment. The moral of the story is this: Don’t throw away that “worthless” judgment because as “worthless” as it is, it is just as “worthless” as a lottery ticket…but hey you never know
Posted by Nate(DC) on September 30, 2003 at 13:50:39:
No, you misunderstood. If it’s NOT worthless, try to collect it yourself.
If it is worthless, throw it out and never waste another minute on it again. If the tenant has no money you can attach, there is nothing you can do to collect. You can’t squeeze blood from a stone.
I have a partner in some properties who has other rental properties of his own. He takes judgments like this from renters and gets orders to garnishee the wages. It is a bit of a nuisance. And here in CA the creditor can only get something like 20 or 25% of the wages of the debtor, but one can at least get that amount. I believe the garnishment order is good for one or two years, after which one has to get a new one.
However, while a bit of a nuisance, it is one way to get the money that one is owed.
Posted by Ben (NJ) on September 30, 2003 at 14:34:21:
because there may come a time when deadbeat needs to refi, buy a car etc. He will need that judgment released from his credit report or title report. He will then come looking for YOU wanting to pay it off. It’s happened to me, people who didn’t want to know my name years ago are now stopping by my office with a check and a release form! Amazing! They either need something or suddenly have an attack of conscience (yeh right!).