Make a plan for your strategy.
Due to the right to appeal granted by most states, your verdict will not become final until the period for filing an appeal (typically 30 days or fewer, but sometimes shorter) has passed. The other party should not be bothered during this period since you might just persuade the judgment debtor to file an appeal if you do. As a result, while an appeal is pending, the other party is often not required to pay the judgment.
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You should perfect your lien rights.
You can secure your ability to collect and fulfill the decision by obtaining a lien right? a sort of ownership interest? in the borrower’s property. In most states, you must first submit a copy of the judgment with the county recorder’s office or similar agency where the borrower’s real estate is based in order to “perfect” a real estate lien. Once a lien has been filed, the debtor will not be able to transfer clear title as part of a real estate transaction unless the lien has been paid in full. Additionally, you will have extra rights in bankruptcy, as the lien will stay in place until the debtor takes steps to have it removed from the subject property.
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Inquire about Your Funds
If you inquire, the debtor may be willing to pay the court judgment. A business-like request for payment may be all that is required; especially if you note that an unpaid judgment would almost certainly appear on the debtor’s credit report in the future. Also, consider that it may be more advantageous in many circumstances to accept something somewhat less than the entire amount in order to get it all over with and put an end to the whole ordeal. They must also be able to help in many other issues related to funding collection.
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Prepare yourself by educating yourself.
It is feasible that the debtor will compel you to pursue collection. If such is the case, you must be an expert in your industry. From the start, educate yourself on options like wage garnishment, asset seizures, and financial levies.
Conclusion: If you want to collect on a judgment in New York contact Ws laws. They have an expert team who can give you the best solution to all your legal issues.
