etc. – is oftentimes the first step towards securing the compensation you deserve. In many cases, the party who is ordered to pay you a judgment may simply fail to do so, which means that you may be forced to pursue further steps and likely to spend more of your own money in order to get the other party to pay up. The following are some things to keep in mind when trying to collect a personal injury settlement:
- Parties that are financially stable will typically not hesitate to pay on personal injury judgments, as these individuals and businesses will not want to deal with the potentially credit-damaging repercussions associated with dealing with collections agencies. However, it can be incredibly difficult to get a party that is broke or that refuses to pay up to deliver the court-ordered judgment.
- You may be able to request that a post-judgment discovery be held so that you can get a thorough picture of the assets versus the liabilities associated with the party that has been ordered to pay your judgment.
- Should the party that has been ordered to pay your judgment be a person (rather than a corporation), you may be able to get a judgment that garnishes that person’s wages by up to 25 percent of his paycheck. You may also be able to get a person’s or a business’ bank account garnished in an effort to collect your judgment.
- Although you will have 10 years to collect the judgment owed to you, you can get the term extended another 10 years, which means that, should the entity that owes you money not have assets at the moment, it may have the monies in the future – at which time you can collect the personal injury settlement you are owed.
- Should a person who owes you a judgment file for Chapter 7 bankruptcy, you will not be able to collect your judgment, as your claim will be treated like that of any other creditor.
If you have recently been awarded a personal injury settlement, you will have the best chances of collecting the monies you are owed by working with a skilled Denver personal injury lawyer at the Law Office of Mike Hulen, PC.