Paying and Collecting a Judgment
When involved in a civil case, the outcome of the case can require one party to pay damages to another party, or money for certain services etc. and this requires both the payment and collection of the judgment. This article will provide a brief overview of the process, but if either of these situations is confusing or if you have any questions, please contact us at Law Advocates Group for more information.
Paying Money Following the Case
Once a judgment has been reached, the case has a debtor and a creditor. The person paying the money is the debtor and the person collecting the money is called the creditor. It is important for the debtor to know when the judgment is official and must start being paid. There are a few different ways for the person to pay the judgment. The debtor and creditor can come up with an agreement amongst themselves for how to pay the money over time. For example, the two parties can have a written agreement with all of the relevant information (like installment dates) and both agree to receive the entirety of the judgment over several installments.
Collecting the Money
The creditor also has the duty to check when the judgment has been finalized. The creditor should not expect to receive the money immediately. Instead, the creditor should make sure some sort of plan is in place. They should ensure that the debtor knows how to send them money (are they sending money to a specific account, how are they sending it, etc.). Furthermore, if the debtor refuses to pay the judgment, it is in the creditor’s best interest to seek the advice of a lawyer, as there may be further legal action required to collect the judgment.