Post judgment negotiations are often needed. Once you have a judgment from any level of Alberta court you need to collect the amount of the award. Many judgment debtors, specifically unsecured lending, do not have the funds to make payment on a court judgment. Therefore payment may not be immediately forthcoming. The Alberta lawyers at Kahane law office can help with these matters.
Two Types of Debt Payment Negotiations
Post judgment negotiations generally involve one of two areas of negotiation:
Time to Pay Negotiations
Judgment debtors may be willing to pay the judgment as allotted by the court. Many times, they may not have the assets to pay the judgment right away. In that case, they may need time. Our firm can negotiate with them to set up a payment plan. A payment plan is preferable to other available collections such as garnishment or seizure as it is less expensive, and often more timely.
Negotiated Reduced Payment
Many clients ask about the logic of negotiating a smaller payment amount when they have a judgment for a full amount. Primarily, this is done to ensure prompt payment and it will reduce the expense of collections. There are also limitations on seizure, garnishment and other enforcement mechanisms that protect some assets of the judgement debtor. Finally, there is the issue of bankruptcy. In many cases, a judgment debtor’s obligation to pay a judgment is wiped out through a bankruptcy. If a judgment debtor enters bankruptcy, it is likely that the actual amount collected will be greatly reduced.
Limitations on Post Judgement Negotiations
Post judgment negotiations have specific time frame limitations. It is important to note that a judgment is only good for 10 years. If the judgment debtor has not paid the full amount, or the negotiated amount, of the judgment by that time, the judgment will have to be renewed prior to its expiry. Experience indicates that many judgment debtors will improve their financial position or have some form of income over the ten years, increasing the likely hood of collecting the full amount owed.
Post Judgment Negotiation Lawyers
Call today so that we can help you with your post judgment negotiations. Experience and strategy help with post judgment debts. You can reach us toll-free at 1-877-225-8817, or 403-225-8810 locally or email us directly here.