Learn what you need to know about the process of judgment collection in Commerce, GA.
A judgment collection service in Commerce helps turn successful court cases into cash. It’s important to note how difficult it can be for a business to receive money, even after filing a lawsuit. Someone without the intention to pay can drag out the process as long as you let them. They might be able to hide assets long enough for the judgment to expire.
Prevent your judgment from going dormant by hiring a team of professional judgment collectors to create a successful repayment strategy, similar to the following:
Step One: File a Lawsuit
In order to receive a commercial judgment against a debtor, you have to take them to court. In Georgia, you can sue someone in small claims for amounts up to $15,000. If you win the case, you receive a judgment against the defendant. That doesn’t mean you’re going to get paid. Turning a court decision into money takes extra work.
Hiring a firm to handle your commerce-related judgment is much easier than trying to handle the job on your own. While professional, they have aggressive methods available to motivate a debtor into paying what’s owed. Best yet, they often work on contingency, so you don’t have to worry about paying a hefty retainer up front.
Step Two: Enforce Your Judgment
In Georgia, you can collect on a judgment in a number of ways, including:
- Wage garnishment
- Property liens
- Payment plans
You can garnish a portion of your debtor’s paycheck until the debt is repaid. While it takes time, you receive regular payments. They aren’t voluntary, so you aren’t at the whim of someone who has owed you previously. Unfortunately, there’s a limit to the percentage of income removed for garnishments, so if the person who owes you also owes a handful of other businesses, you could receive a small amount of money each month.
Property liens might be an easier way to receive the full amount you’re owed in a shorter time. In Georgia, the Clerk of Court can assign a lien to real estate or other valuable personal property. The property owner or the new buyer pays the lien when the item changes hands.
Finally, payment plans are an option. Because garnishment can put someone’s job at risk, a debtor will sometimes request a payment plan instead. These voluntary payments might provide you with more money each month that you’ll start receiving right away. However, due to their payment history, you need a plan in place for if they stop making timely payments.
A judgment collection lawyer can help you assess your debtor’s situation to decide which method is best for claiming what you’re owed.
Step Three: Revive the Judgment
Judgments in Georgia are good for seven years. During that time, you must take appropriate steps to collect or they will expire. In other situations, you’ve taken the steps necessary but haven’t been able to collect payment. In the latter, you can file for reviving or renewing your judgment until it is repaid. Working with experienced legal professionals safeguards your options.