Can I collect unpaid interest on my judgment?
Yes. California law currently provides for interest of 10% per annum on the principal amount of a money judgment remaining unsatisfied.
Is there a statute of limitations on a judgment?
Yes. Each state sets a limit on how long a judgment is enforceable. In California a judgment is valid for ten years; however, if renewed before 10 years, it will be extended for another 10 years.
Why should I hire a business litigation attorney?
If you are currently struggling with a business related legal matter, it is always to your advantage to work with a qualified business litigation attorney, such as attorney Joseph Chora. Often times, by working with a business litigation lawyer, companies are able to resolve legal matters more quickly and efficiently, saving themselves a great deal of time and money.
What is business litigation?
Business litigation is a unique area of law that involves all matters related to business law. Business litigation helps companies, corporations, partnerships, non-profit organizations and individuals mediate disputes or conflicts in accordance with the law.
How long before I actually see results?
The majority of debtors are found within 90 days. Some are located immediately and a few can take several months or even years. Judgment enforcement takes time due to a number of factors. Even if assets are immediately located (not usually the case), the processing of your case through the “system” can take weeks, even months. Enforcement is a priority for us; however, other entities we deal with (Sheriff’s Departments, the courts, etc.) often act at a much slower pace.
What is Chapter 7 Bankruptcy?
It is the most common form of bankruptcy. It is available to individuals, married couples, partnerships and corporation. Chapter 7 Bankruptcy is a liquidation proceeding in which thedebtor’s non-exempt assets are sold by the Chapter 7 trustee. The proceeds from the sale are distributed to the creditors as the proceeds permit.
What are Chapter 11 and 13 Bankruptcy?
Chapter 11 Bankruptcy is a reorganization proceeding, typically for corporations or partnerships. Individuals, especially those whose debts exceed the limits of Chapter 13, may file Chapter 11. In this form of bankruptcy, the debtor usually remains in possession of his assets and continues to operate any business, subject to the oversight of the court and the creditors committee. The debtor proposes a plan of reorganization which, upon acceptance by a majority of the creditors, is confirmed by the court and binds both the debtor and the creditors to its terms of repayment.
Chapter 13 Bankruptcy is a repayment plan for individuals with regular income and unsecured debt less than $336,900 and secured debt less than $1,010,650. Chapter 13 Bankruptcy provides a mechanism for individuals to prevent foreclosures and repossessions, while they catch up on their secured debt.
I want nothing to do with the debtor! How involved do I need to be?
Once the “Acknowledgment of Assignment” is filed, the court recognizes us as the Judgment Creditor. In most cases you will never have to deal with the Judgment Debtor again.