Legal Question in Credit and Debt Law in California

sell a judement

i need to sell a judgement of 500k

within 48 hrs


Asked on 5/24/09, 1:23 pm

2 Answers from Attorneys

David Gibbs The Gibbs Law Firm, APC

Re: sell a judement

Attorney Stone is correct - extremely unlikely to happen, especially given that you posted this question on the Sunday of a holiday weekend. Anyone buying a judgment is going to want to perform due diligence, which includes a background investigation of the debtor. That cannot be done overnight. Additionally, you will find that not a lot of people buy judgments unless they are against extremely substantial debtors who will not file bankruptcy, appeal or otherwise impair collections. Also expect to pay a substantial discount on the judgment. You may want to do a search for people who buy judgments and contingent debts, as this forum is not the right place to find someone interested in doing so.

*Due to the limitations of the LawGuru Forums, The Gibbs Law Firm, APC's (the "Firm") participation in responding to questions posted herein does not constitute legal advice, nor legal representation of the person or entity posting a question. No Attorney/Client relationship is or shall be construed to be created hereby. The information provided is general and requires that the poster obtain specific legal advice from an attorney. The poster shall not rely upon the information provided herein as legal advice nor as the basis for making any decisions of legal consequence.

Read more
Answered on 5/26/09, 12:31 pm
Michael Stone Law Offices of Michael B. Stone Toll Free 1-855-USE-MIKE

Re: sell a judement

Unlikely to happen. Any reasonable potential buyer knows that your judgment is worth little or nothing unless a) it is final and there is no chance the judgment debtor will appeal or move to have it set aside; b) the debtor has income or assets from which the judgment can be collected; and c) the judgment debtor won't simply go bankrupt and have the debt legally discharged. Even if you were to clear these significant obstacles within your 48 hour time contraint, your desperation will be obvious to potential buyers (if any) who would demand a heavy discount. You would almost certainly be better off looking for other sources of immediate funds and having your judgment collected by an attorney.

Read more
Answered on 5/24/09, 2:15 pm


Related Questions & Answers

More Credit, Debt and Collections Law questions and answers in California