Recovering a judgment at the end of a lawsuit is not an open and shut matter. A judgment is a document that must be pursued and collected from the losing party. The likelihood of seeing money needs to be evaluated before litigation begins.
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Paper Judgment: At the end of a lawsuit the prevailing party receives a paper judgment. The judgment is worth as much as the paper it is printed on unless the other party has assets. It is a rare case where the losing party has $50,000 in a bank account waiting for the prevailing party to collect it. Therefore, collecting or recovering cash or other assets can sometimes be a difficult and lengthy process. In some cases, the party who wins at trial may be unable to recover the judgment for years, if at all.
Is the Judgment Collectible?: Just because you have a lawsuit does not mean you should pursue it. You should also consider whether the lawsuit is collectible if you are victorious at trial. If you sue Wal-Mart and win you are likely to recover at least a portion of the judgment. However, if you sue a small business that does not have many assets you may be stuck with a judgment but no means of collecting on it. Likewise, most individuals do not have substantial assets sufficient to cover the amount of a judgment if they lose at trial. As a result, thinking about whether or not you can recover on a judgment is one of many important considerations when deciding to file a lawsuit or not.
If you have any questions regarding collecting a judgment in Georgia, or any other questions regarding collections, please Call or Email the Civil Litigation Attorney at A. Bishop Law today for a free and confidential initial consultation.
About the attorney: Anne Bishop is a North Georgia Lawyer with A. Bishop Law and handles a variety of business services. We can assist clients throughout Northeast Georgia including: Hall County (Gainesville, Oakwood, Flowery Branch), Lumpkin County (Dahlonega), Gwinnett County (Buford, Sugar Hill, Lawrenceville), Habersham County (Demorest, Cornelia), and adjoining counties.
This article and video should not be considered nor relied upon as legal advice since it is only intended for general overview and informational purposes. Please consult with an attorney on your specific situation in order to determine an appropriate legal course of action.