Winning a lawsuit that results in a monetary judgment can be gratifying….and confusing. After being awarded a monetary judgment, the judgment enforcement process is the next step – after all, the judgment debtor will most likely not voluntarily pay on their own. Although it is backed by the court and you have the law on your side, a judgment is essentially a piece of paper, and is usually viewed as such by the judgment debtor. Judgment enforcement is crucial to recovering the money owed to you, as a judgment creditor – but the process can be filled with jargon that can be difficult to understand.
Here is a quick reference to help you understand common judgment recovery terminology.
Judgment Enforcement
– the method of using judicial process to recover the unpaid balance of a monetary judgment, usually facilitated by a professional Judgment Recovery Specialist and/or attorney on behalf of the judgment creditor
Plaintiff
– the party who brings a case against another in a court of law – in regards to a lawsuit won by the plaintiff, resulting in a monetary judgment, the plaintiff is the judgment creditor
Judgment Creditor
– the party awarded a monetary judgment in a court of law, the judgment creditor is owed a debt by the judgment debtor and he/she is authorized to use judicial process to collect the debt
Defendant
– an individual, company, or institution sued or accused in a court of law – in regards to a lawsuit won by the plaintiff, resulting in a monetary judgment, the defendant is the judgment debtor
Judgment
– the formal decision made by a court following a lawsuit – at the same time the court may also make a range of court orders – a monetary judgment is a judgment imposing a financial penalty on the judgment debtor
Skip Tracing
– the process of locating or ‘tracing’ a ‘skip’ (a person who ‘skipped town’) – read more about our skip tracing services here.
Levy
– to take/seize property using a Writ of Execution, at the request of the judgment creditor – usually a levy is performed by a sheriff and the property seized is sold at a sheriff’s sale with proceeds going towards the satisfaction of the judgment
Writ of Execution
– an order from the court authorizing a sheriff to enforce a judgment by seizing/levying property of the judgment debtor with the goal to obtain funds to satisfy the unpaid judgment
Lien
– a legal document making an official claim against property, funds and other assets to satisfy a debt
Satisfaction of Judgment
– a document signed by a judgment creditor stating the judgment has been paid/satisfied
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