Why Judgment Settlement?

Why Judgment Settlement? Why settle your judgment? In a previous post, we explained what post judgment settlement means. Now that you know what it means, we will explain some reasons why you might elect to pursue a settlement with your judgment debtor.

Why judgment settlement? One reason for settling a judgment is that you are convinced that you likely will not be able to collect the entire amount. If you have done an adequate job of investigating the debtor and his circumstances, the facts may lead you to this conclusion. Perhaps you can’t locate adequate assets of the debtor. Perhaps you have found that there is no way the debtor can afford to pay the debt. In this case you might decide to settle for a lesser amount that the debtor is able and willing to pay. This is the old idea that part of something is better than nothing at all.

Why judgment settlement? Another reason for post judgment settlement is to save time. You might feel that over time you would be able to collect the entire amount of the judgment debt plus allowable interest. But you would rather settle for an lesser amount today, than to wait for the chance at perhaps collecting a larger amount later. This is sort of like settling for the bird in hand rather than waiting for the possibility of getting the two in the bush at some later date.

Why judgment settlement? A third reason would be that you know that there is a legal flaw in your judgment that could make the judgment noncollectable. An example would be where you have been awarded a judgment, but the party is misnamed in the original lawsuit. If there is a legal flaw involved, but the other party doesn’t understand that the judgment could be noncollectable, then why not settle for whatever you can get before the flaw is discovered. Remember once again that part of something is better than nothing.

What if collecting your entire judgment amount is going to be a complicated process? If you really don’t want to go to all of the trouble that it would take to enforce your particular judgment, you might feel better about settling for less money so that you can skip the hassle of enforcement. Every judgment and every judgment debtor are unique. If you feel you are in for more work, headache, or hassle than you want to tackle…a post judgment settlement with the debtor might not sound too bad.

Why post judgment settlement? Another reason to accept settlement might be just because you are a nice person. What if the debtor requests that you settle the debt and you decide to do so out of the kindness of your heart. That could be your reason, even though it costs you some of the money that the judge ordered the debtor to pay you.

If you feel it would be advantageous to settle with your debtor, nobody can tell you that you can’t. All it takes is for both parties to come to a meeting of the minds about it. If a settlement is what you decide on, let me be the first to congratulate you!

You may want to look at this other article which explains What is Judgment Settlement. You can access it by clicking on this short link: http://www.enforcementinstitute.com/?p=104

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