How Do I Collect When I Win a Lawsuit?
Collecting After A Lawsuit
After filing a lawsuit and winning a case, the next step is to collect on the judgment. In this situation, you will often look to find out how do I collect when I win a lawsuit. There are a couple of ways in which you can collect on a lawsuit. The two most common ways to collect on a lawsuit is to either sell the judgment or assign it to another party. These are the two most efficient ways to get the funds that you are legally entitled to.
Selling A Judgment
When looking to find out how do I collect when I win a lawsuit, the first step is to sell the judgment. In this situation, you contact a debt collection company and offer to sell your judgment to them. Once they agree to buy the judgment, you receive cash immediately. Using this method will provide you with a number of benefits. These include saving time, getting your funds within a matter of days and also avoiding the hassle of contacting the person you sued to pay for the money they owe
Assigning A Judgment
Another way in which you can collect a judgment after winning a lawsuit is to assign the judgment. Again, you contact a company that specializes in collecting judgments and give them the debt. Once you provide them with the judgment, they take on the responsibility to receive the funds. When you assign the judgment, you get paid as soon as the debt is collected. You are not liable for any court fees or up front costs when you assign the judgment. This is an ideal solution if you are able to wait a while to get the funds you are owed. By assigning a judgment, you eliminate the hassle of collecting it yourself and save money.
As well as selling or assigning a judgment, you can collect a judgment by working with an attorney or trying to collect the debt yourself. While these methods can help you collect a judgment, they will usually be more costly and take up more of your time and effort. As a result, it is better to work with a company that will either purchase or take on your judgment and focus on collecting the judgment for you.
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