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Judgment Scams There's risk in almost everything, which includes being paid back on your judgment. Many judgments result because of somebody getting ripped off, and certain debtors try to cheat the creditor once more as they "satisfy" your judgment. A old example is after you take their check to satisfy your judgment, cash it, satisfy the judgment; and a week after that, the bank tells you their check didn't clear. This article is my opinion and is not, legal advice. I am a judgment referral expert, and not an attorney. When you ever need a strategy to use or legal advice, you should contact a lawyer. After somebody pays off their judgment, they expect their previous judgment owner to satisfy that judgment ASAP. Although the judgment creditor wants to get paid and satisfy the judgment, there is sometimes a reason to wait until you know you have gotten repaid "for certain". Ultimately, almost nothing is 100% for sure. If a creditor satisfies the judgment and gets ripped off, often the only recourse is to sue them once more, most often to get a new judgment. The safest method of accepting payment to pay off the judgment is when you meet the debtor at their bank or credit union and watch the debtor get either cash, or a cashier's check (and then cashing their cashier's check with the bank or credit union ASAP). Do not file a satisfaction of judgment with your court until you're certain you've really been repaid. If your judgment debtor wants their satisfaction now, then only cold cash counts. Satisfactions need to get notarized, and that is fine because you can bring it along, and not hand the satisfaction to them or file the satisfaction; until you are repaid cash, or with another solid funding source. The remainder of this article will discuss a few of the ways one can be ripped off, taking repayment for your judgment: 1) Bankruptcy. As defined in section 547 of USC 11, when the debtor pays you and quickly files for bankruptcy protection, their bankruptcy trustee may decide it is a preferential transfer; and order you to send to the court everything your debtor repaid you. Unlike other methods that a creditor can get burned, there is usually not any solution in that circumstance. 2) Cash money. There is still some real-looking counterfeit money floating around. Even though it is not very likely, you might get such a bogus bill from the debtor. An inexpensive investment to combat any counterfeit worries is getting a money checker pen. 3) Personal checks may bounce, even a couple of weeks after you deposit them. Stop payments may even get placed on cashiers checks. It is most often safe to wait ten business days after you deposit them, before you assume the check will stay good. When the judgment debtor's check bounces, the debtor may owe you more, and their dischargeable debt (when the debtor files for bankruptcy) may get transformed into non-dischargeable. Someone might claim that your damages are just your returned check fees, and not the face value of the returned check. And, the cost of filing the new lawsuit to recover the check is much higher than your bounced check expenses. 4) Money order payments. Stop-payments can be placed on money orders. Be aware of the rip off where your debtor buys a money order to repay you, and quickly takes their receipt back the next day and tells the issuer the money order was lost (e.g., "my father shredded it because I had left it on top of a pile of old papers, and Dad's eyes are not very good"). The issuer might return their money to the debtor. Then, your judgment debtor sends you that original money order the debtor previously had claimed got lost. If you deposit the money order, it's initially accepted by the bank and shows up as a deposit, however in around ten days it is bounced back. 5) Taking credit cards or using online systems like PayPal. There are portable credit card payment accessories like SquareUp.com. Square is an accessory which accepts credit card payments with a smartphone. What if you met the judgment debtor at court and scan the debtor's credit card to pay off the judgment? This would certainly be convenient, however they're downsides and risks to doing that. They're two kinds of risks with taking credit card payments to repay the judgment: 5A) The contracts and laws with credit card merchant contracts mean you must stay careful not to violate any terms of the contract. Contact your merchant to verify that you may use your merchant account for purposes such as taking payments for repaying judgments or debts. Businesses such as PayPal may require special conditions, so check the fine print in those merchant account contracts. Those kind of conditions are in there because they are a credit card wholesaler or a merchant services provider. They are an accumulator of lesser transaction volumes charged by their individual customers, and do not need a legal capacity. If they are not satisfied with any transaction of yours, the company are able to simply reverse the transaction and charge your bank account. The company already has a solution, so a new lawsuit would not be needed. 5B) Credit card charges may get charged back or disputed. What if you swiped the debtor's credit card with a mobile device attached to your smart phone. Five minutes later, the judgment debtor might be using their cell phone to cancel that same transaction. Sometimes an authorized credit card payment is little more than another promise to pay. It is enforceable, however it requires a new lawsuit. If you have your judgment debtor's acceptance signature on your authorization form, it'll be harder to dispute later. You can also add credit card charges, if they're part of your authorization form.
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