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Judgment Collection Frequently Asked Questions | Information | FAQ
Judgment Verification Report
A Judgment Verification Report verifies the following:
1) The recorded judgment at the respective courthouse
a-Judgment Creditor(s) Name(s)
b-Judgment Debtor(s) Name(s)
c-Addresses for both parties if available at the courthouse
e-Location of Courthouse
2) The Bankruptcy status of each debtor on the judgment (If the debtor(s) filed for bankruptcy, the following information will appear:
e-Nature of Debt
f-Bankruptcy Debtor(s) Name(s)
g-Verified by SSN
h-Disposition (if not pending)
i-Dismissal/Discharge Date (if any)
Yes. Judgment Marketplace utilizes a third party to verify the details of the judgment and bankruptcy records (if any).
When I input the debtor’s information to retrieve a Judgment Verification Report, does Judgment Marketplace store the information?
Judgment Marketplace stores the information for up to one year after a successful judgment sale.
No. Judgment Verification Reports take up to 48 business hours to obtain.
If there are more than two debtors, are there any additional fees for a Judgment Verification Report?
No. Whether there is 1 debtor or 20 debtors the fee will remain at $25.00.
A "Judgment Verification Report" helps buyers make an informed decision and they feel more secure. Sellers who purchase a "Judgment Verification Report" have a 50% higher chance of having their judgment viewed.
If I buy a Judgment Verification Report and I am not happy with the report, can I detach it from my judgment listing?
Yes. You will have that option after the report is produced.
If everything on the Judgment Verification Report is correct and verified, does it mean I will collect the entire judgment amount?
No. Do not assume the report has any affect on the collectability of the judgment. A "Judgment Verification Report" is a very good indicator of the judgment money order and the debtor(s) bankruptcy status.
Does a Judgment Verification Report change if the judgment on record is changed and/or the debtor(s) bankruptcy status changes?
No, unless you order another "Judgment Verification Report".
Judgment Verification Reports are processed within 48 hours after being ordered. No refunds are permitted after the Judgment Verification Reports are processed.
Yes. It is an option available to sellers.
How often do I need to update my Judgment Verification Report on a judgment that has been listed multiple times?
You are not required to update your "Judgment Verification Report".
1) Judgment Information
a-A third party sends a real person to the respective courthouse to verify the information
2) Bankruptcy Information
a-A third party researches the debtor(s) bankruptcy records within a Government database
The goal of a bankruptcy proceeding is to obtain a discharge of debts. When a judgment (debt) is discharged, it is no longer enforceable against the debtor personally.
A case that is dismissed means something went wrong and the bankruptcy case is gone. There is no automatic stay and creditors can attempt to collect the judgment (debt) owed to them.
Chapter 7 bankruptcy is one of the most common types of bankruptcy used by individuals, but may also be used by businesses. This type of bankruptcy is the most severe. Under Chapter 7, a court-appointed trustee collects the individual’s assets. The trustee sells the assets for cash and pays the proceeds to the individual’s creditors. Assets that are exempt under federal or state law do not have to be liquidated. Once the Chapter 7 process is final, the filing cannot be repeated for six years.
Chapter 13 bankruptcy is designed for an individual debtor with a steady source of income. It can also be used by small businesses. Under the Chapter 13 plan, also called “individual reorganization,” the debtor must settle his debts over a three to five year period. Under Chapter 13, the debtor is allowed to keep his property. At a confirmation hearing, the court either approves or disapproves the plan. There are no time restrictions on when a Chapter 13 can filed.
To learn more, click here.
1) You are permitted to enforce the judgment against the debtor.
2) It is possible the bankruptcy case was dismissed because the debtor had certain assets.
3) The entire case is public information and could be accessed by anyone in the public to learn more about the debtors assets.
1) The debtor tried to file for bankruptcy which means they attempted to discharge their debts.
No. When a debtor files for bankruptcy there is an automatic stay. An automatic stay means an injunction that goes into effect automatically upon the filing of a bankruptcy. It strictly prohibits the commencement or continuation of any acts to collect on a debt that arose prior to filing the bankruptcy. This includes enforcement of judgments, creating or perfecting liens, and many other actions.
You may have rights to pursue in the bankruptcy depending on what chapter was filed and whether you are secured by any of the debtor's property.
If the case is dismissed, you can enforce the judgment against the debtor.