Some Questions Judgment Owners Ask.
Have a few questions? A lot of people do. So, here’s a quick collection of some of the common questions we get from judgment owners… with our answers next to them. If you still have a question don’t hesitate to shoot us an email through our contact page (or give us a call).
Q: What is the process of selling my Judgment in North Carolina?
A: Selling your judgment is accomplished in 3 easy steps!
- Submit your information here. Once received, we will research the judgment and evaluate the debtor to make sure the judgment is collectible (ie: they’ve not filed bankruptcy, are still alive, are not in prison, etc . . . ). This process takes approximately 1-2 business days, and there is no cost or obligation to you if you choose not to accept our offer.
- If you accept the offer, we will email you the two, one-page documents needed for the transaction.
- Once you’ve printed, had them notarized (all banks have a notary to serve you), and confirm by a quick email or phone call that you’ve mailed them, we will wire the money to you via Zelle, Paypal, Cashapp, Venmo, or any other electronic medium you prefer within an hour or so! We can also send old-fashioned paper checks upon request.
It’s that simple, easy as 1, 2, 3!
Q: Why should I sell my Judgment to you?
A: Great question! In addition to the fact that we offer the guaranteed highest prices possible, and can close fast, is that after we buy your judgment…
- You won’t have to worry about borrower issues like bankruptcy, divorce or death, making your judgment permanently uncollectible (that’s for us to worry about).
- You eliminate the chance that the judgment will expire without you getting any money at all (well over 90% of judgments in North Carolina expire after 10 years without so much as a nickel ever having been paid on them).
- Closure- the peace of mind to never have a reason to think about the Judgment or your court case again.
- The satisfaction of knowing that your debtor will be held accountable for his or her actions by the very best in the business.
Q: Can’t I just enforce my own judgment?
A: Sure you can! We don’t have the ability to do anything you can’t do yourself. Most folks, however; find it overwhelming to learn and comply 100% with State and Federal Law and the slew of debtor-protection requirements, finding a Private Investigator who does not charge an arm and a leg to locate any assets the debtor may have, and getting the courts and local Sheriff’s Departments to do what is necessary to enforce the judgment. This is our specialty, and it’s taken a huge amount of time and focus to learn to do effectively.
Q: Can you just enforce my judgment for me?
A: No, we cannot. A licensed attorney must do this. Keep in mind that very few NC attorneys actually specialize in debt collection or judgment enforcement, and they will at minimum require an up front fee or retainer, and that you pay for ongoing expenses.
Q: It’s been awhile since I got my judgment, and I don’t have any of the original paperwork, or remember very much at all about it. Can I still sell my judgment?
A: Yes! With almost every judgment we buy, the owner does not have any current information, or any more information than is in the court’s file at all. That’s ok- we can get everything else we need through Skiptracing (Private Investigator services).
Q: How do you come up with the price to offer me for my Judgment?
A: Ultimately when we look at a judgment to buy here in North Carolina, we look at 2 factors:
1) The judgment: Have payments been made on it, how long is left before Expiration, amount awarded, correct spelling of Debtor(s) name(s).
2) The debtor: Have they ever filed bankruptcy, and have they specifically included this judgment in a bankruptcy, do they currently live in the state of North Carolina, do they own property, how often do they move, etc . . .
Once we know the situation well, we’ll make you an offer. This offer is based on the value of the judgment and the risk to us of not collecting anything at all on it. You can expect to receive an offer that is a discount on the amount owed based on the factors above.
Q: Is this a scam?
A: In a word: NO! We will never ask for any of your personal information. The two one-page documents you will sign contain only publicly available information about the judgment that we already have. You are not paying us anything or sharing private banking information- we pay you, and all we need is the username or registered email or cell phone number of whatever Electronic Funds Transfer (EFT) company you prefer. Most folks use Zelle, as almost every bank has Zelle linked to your account already.
Here is a link to Zelle’s Frequently Asked Questions. We can also send old-fashioned paper checks upon request.
Q: What happens if my debtor files bankruptcy?
A: If you’ve already sold the judgment, the answer is nothing- we assume all risk!
If you still own the judgment, it’s important to understand the difference between filing bankruptcy, and being successfully discharged from one. Anyone can file bankruptcy, but not everyone can qualify. If the Trustee decides that you make too much money, you are not allowed to file a Chapter 7, and instead have to do a Chapter 13 repayment plan. Many bankruptcy filings are dismissed for either failure to qualify, failure to make payments, or failure to submit required fees and/or documents.
If your judgment is included in a successfully discharged bankruptcy, it isn’t enforceable any more. If the Trustee allotted you a percentage of the debtor’s Chapter 13 payments (judgment holders sit far down the list of who gets these payments, below secured creditors), the bankruptcy court will either send your money to you, or keep it in their office of Unclaimed Funds until you request it be released to you.
Q: I’ve never heard of selling a judgment, how exactly does it work?
A: The sale of a judgment is an extremely common process in states other than NC, where collection is many times easier because of wage garnishments and other tools not available here, so many folks have not heard of it before.
Judgments can be bought and sold like any other item of personal property such as a car or boat. Most folks have had the experience of getting a mortgage, and getting a notice in the mail a couple of months later stating that your payment now goes to a new company at a new address. Your mortgage was sold! This is the exact same process.
Once you’ve signed the Assignment of Judgment and been paid, we file it with the Clerk of Court in the County where the judgment was entered. After that, your debtor owes us instead of you, and we assume all risk of collection (or non-collection).
Q: How did you get my information?
A: Courthouse records relating to judgments are public record- anyone at all can walk into a NC courthouse and request to browse a judgment file. We obtain lists of judgment owners who have not been paid from the courts, and mail directly to them.
We are not attorneys or accountants! This information is not to be used as a substitute for competent, professional legal or tax advice.