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I have a 5000 judgement that's been granted by the court in small claims against a previous tenant. He's saying that he can't pay more than 150 a month and at that rate, it'll take years to pay me back.
There are some other damages that I told him i wouldn't go after if this can be resolved fast.
Should i take him on his offer of 150/month, let go of the 1500 in additional damages, and get paid in 3-4 years? or should i reject the offer and instead garnish his wages? (he is fully employed)
Others will have more practical advice, but consider yourself lucky that you're getting anything. I understand that you are owed the money, and it shouldn't be that way, but the fact is that winning a judgement and collecting it are two different animals. One poster here finally found the guy she had a judgement against after YEARS. He could also declare bankruptcy, OR he could move jobs, and you would have to find him and regarnish his wages.
In most jurisdictions, unless the additional damages were concealed by the tenant so as not to have been discovered when you filed your court case, you have given up any right to claim those additional damages in a court proceeding going forward. This is to prevent a person with $50,000 claim filing multiple smaller actions in small claims to stay under the maximum. You either claimed it when discovered or you have to eat the overage.
As for the method of payment, you can go for a garnishment or asset seizure depending on what the law all owes, but always remember that there are also limits as to how much can be garnished and under what circumstance they can have it halted. Sit down with a calculator and figure out the maximum amount that person would be garnished per state law and see if its more than what they offered. If they have substantial assets or employment providing wages far above their means, you may want to consider garnishment if they insist on being cheap.
Would garnishing the wages get more of your money back faster? If he is gainfully employed and has a professional or trade job I doubt he would stop working or file bankruptcy over 5k.
Which claim will get your money faster? He may not be in financial trouble now but what about 1-2-3 years from now? I would go for whichever claim gets you the most money fastest.
I have a 5000 judgement that's been granted by the court in small claims against a previous tenant. He's saying that he can't pay more than 150 a month and at that rate, it'll take years to pay me back.
There are some other damages that I told him i wouldn't go after if this can be resolved fast.
Should i take him on his offer of 150/month, let go of the 1500 in additional damages, and get paid in 3-4 years? or should i reject the offer and instead garnish his wages? (he is fully employed)
Can't squeeze rocks out of turnips!!!
Be happy about the fact that you can get anything at all.
There are plenty (PLENTY!) of landlords out there who've been hosed for more than that and have had zero means of recompense, oftentimes because their deadbeat tenant is just so miserably broke there is no means of compensation.
But do what's best for your financial situation, not his. If you feel wage garnishment is best, so be it. If you feel a deal is in order it should be on your terms. By the way: may we ask what the damages are?
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Take the payments... at least you are getting something. You could also add a lein to his property. Then when he sell you can collect something. Maybe
Liens againstWhat property? The average renter in this country has a $2,000 net worth. That's why they HAVE to rent (but don't confuse cart and horse here, renting does not make someone broke, but being broke does tend to preclude owning property), they don't have downpayments for jack squat except maybe a new set of spinner rims, and credit tends to be less than stellar.
If more people would stop smoking and drinking so heavily, or spending so much money on cars, shoes, video games, etc, and more time investing in themselves (education and work experience) then people would have more money and would be more likely to own property.
Last edited by InchingWest; 11-09-2015 at 04:05 PM..
I have a 5000 judgement that's been granted by the court in small claims against a previous tenant. He's saying that he can't pay more than 150 a month and at that rate, it'll take years to pay me back.
There are some other damages that I told him i wouldn't go after if this can be resolved fast.
Should take him on his offer of 150/month, let go of the 1500 in additional damages, and get paid in 3-4 years? or should i reject the offer and instead garnish his wages? (he is fully employed)
At least you got a judgement..make sure you get this agreement in notarized contract..also make sure you put a lean on some asset he has..which will be lifted once debt is cleared.. That way you have a legal option if this tenant attempts to welch on his commitment..
As for the extra cost's ($1500.00) unless the Judge specified those costs separate...then you have to assume that amount was included...Decisions decisions...
BTW~~ Did you use a lawyer or do this yourself?? If lawyer..why not ask him about those legal costs to you?? I'm guessing..in your case..expenses were not included in your claim against that tenant??
Did you agree to the $150 a month in court or is this just what the deadbeat offered you? I had a judgement against a former tenant and they pleaded with the judge. He put them on a payment plan of $100 a month which they defaulted on by the 3rd month and I had to garnish from there. The garnishment was over $400 a month and I was paid off much sooner, shouldn't have agreed to the payment plan.
If it's not a court ordered payment plan and they have a stable job my vote is for garnishment. You'll have to do that anyway when they don't pay.
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