Selling A Judgement: What You Need To Know Before Making The Sale
Winning a legal judgement is a momentous moment for anyone. The process of getting there could take months or even years to achieve. Unfortunately, the process of getting paid can be equally taxing. This is why there is a whole industry built up around the concept of selling a judgement.
One may choose to sell a judgement in order to obtain their money faster than they would get it if they had to wait around for the legal process to run its course. That can be an economically sound thing to do when times are tight financially. After all, the person who has won a settlement has had to do a lot of battle in court to reach that point. It is not cheap to take a case all the way to court like that.
Selling a judgement is a process in itself as well. To do so one must first list a judgement that they have to sell on a public marketplace where interested parties gather to check out the offers. Once they have done this, then they start to review the letters of interest from various parties to see which ones stand out as the most promising. Those individuals are then contacted and a negotiating process can take place.
A party purchasing a judgement obviously wants to get it for as little money as possible. That is why you have to stand tough on some offers and only accept a price that you really believe is fair. If you show some flexibility, then some of the buyers may try to take advantage of this. They are in the business to make money for themselves. If you give them that window of opportunity, they are going to take it.
Once you do have the deal all together with the interested party, you will need to take it to the court to get it approved. They have the final say on the sale, but they are often accommodating about these types of things. Just ask the judge to review the deal and they will be able to make sure that it is legal and fair to all parties.