A monetary or money judgment is a court order that awards the plaintiff in a legal action a sum of money. When a case is decided in your favor, especially when the ruling involves a monetary judgment, go ahead and take a moment to enjoy the victory. But then, be sure to follow the steps below to ensure you are able to collect what you have coming to you.
What Monies are Usually Paid Through a Judgement?
Primarily, a money judgment will order the originally requested debt to be paid. For a business, that amount could be the heretofore unpaid costs of goods or services. Often, when a bill remains unpaid, interest will accrue on the amount originally due, which means that a portion of the judgment might be an order for the debtor to pay the interest amount.
Additionally, the final amount of the judgement itself can accrue interest until it is paid in full.
Interest can be added from the time the judgment is entered into the court clerk’s record until the judgment is fully settled.
Furthermore, the money judgement will very likely include any incurred court costs, including filing fees, service costs, discovery costs, and jury fees. If parties were required to hire attorneys then the money judgement might also include reimbursement for those costs, which can add up to thousands of additional dollars.
How can an Attorney Help After I Have a Money Judgement?
Once your business has obtained a money judgement, there are a variety of methods to use to collect that debt. Sometimes, actually recovering a monetary judgement can be complicated and intricate. Retaining legal counsel as you move through the collection process can be helpful to ensure you receive the maximum amount of your judgment.
An attorney can help you find the debtor’s assets. Usually, a debtor will be required to answer questions under oath about the type and value of their assets. If needed, an attorney can work with you to place liens on those items. Prioritizing which assets to target can make debt collection easier. For example, targeting a bank account before the debtor’s vehicle might be a strategic decision you and your attorney could discuss.
Importantly, judgements are not evergreen and will usually expire after a certain number of years. If collection is not complete by the expiration date, then you will need to renew the judgment, and any other associated liens, in advance. Lawyers can help you keep track of these legal timelines and can help you to prepare the appropriate legal documents to maintain the validity of your money judgement.
Contact us Today
Regardless of where you are in the process of seeking to collect a debt, it is important to discuss your options with a qualified lawyer. The litigation and appellate law attorneys at Bennett, Weston, LaJone & Turner, P.C. are prepared to answer your questions and help you reach your goals. We believe that when local businesses thrive, our community also benefits. By working with us to ensure you are compensated fairly and are able to successfully collect debts owed to you, we can help enhance your company’s longevity. Contact us today.