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Turning Old Paper into Cash: Florida’s Statute of Limitations on Judgment Collection

Turning Old Paper into Cash: Florida’s Statute of Limitations on Judgment Collection

Perhaps the best feeling in the world is finding money in your pocket you didn’t know you had.

Every institution that lends money on credit has judgments that they deemed uncollectable years ago. Unlike most states, Florida gives judgment creditors a long window to collect their judgments. It may surprise you to know that the statute of limitations on judgment collection in Florida is 20 years! Most people, including many lawyers, are surprised by this fact, but it is true. The attorneys at Hiday & Ricke are familiar with all judgment renewal and lien procedures, and we are especially effective at collecting what you might consider to be dormant judgments in Florida.

Capitalize on the Improving Economy

Five years ago, during the depths of the financial crisis, institutions wrote off and filed away innumerable judgments. Debtors were out of work, being foreclosed, and facing multiple creditor suits. But things have turned around. Unemployment is down. Home values are on the rise. People are saving again. Now is the time to capitalize on the improving economy to see if you can make some money from your dusty files.

What can Hiday & Ricke do to collect these old judgments?

  • We carefully screen and evaluate. Each new file is reviewed to ensure that there are no bankruptcies, deceaseds, etc.
  • We conduct a thorough asset investigation. Many homeowners that were foreclosed upon during the financial crisis have since moved on to new homes. Using research and investigative techniques in a highly skilled staff, we can usually find the debtors, record the judgment as necessary, and begin collection procedures.
  • We garnish, levy, and lien. The most direct method of collecting a judgment is garnishment. Wages and bank accounts are the most common sources of funds for garnishment. There’s also rental income and business income. The judgment also acts as a lien on real property, so the debtor cannot sell their (nonexempt) house without paying the judgment. A last resort is levy of personal property. The county sheriff actually seizes the non-exempt personal property of the debtor and sells it at auction. Our firm has been doing executions throughout Florida for thirty years and are experts in that process.

What are the costs involved with dormant judgment collection?

We handle post-judgment recovery (even for dormant judgments) at our standard contingent rates, so your costs are very minimal; usually for recording or some post judgment expenses, which are dramatically less than the cost of actually filing a new suit.

The attorneys at Hiday & Ricke are available to discuss cost-efficient ways to collect your older judgments. Call our office today at [phone2] to schedule a consultation on your outstanding accounts receivable.

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