How does one get paid once the Judgment has been awarded?
You will be paid once you file the necessary information to the courts and the financial institution of the person who owes you money. Writ Ready will locate the necessary information needed by the courts and the financial institution(s) in question. This is called a Writ of Execution, once filed, have it served on the financial institution Writ Ready located. Once the writ of execution has been served on the financial intuition, then the account(s) located will be swept immediately for all funds available to cover your judgment amount plus interest and fees (if filed with the court).
What if there are not enough funds to cover the Judgment?
If there are not enough funds to cover the judgment amount, then all funds will be swept at the time of service leaving the account with a zero balance. You may try again at a later time (hoping the judgment debtor stays with the same bank) to satisfy the remaining balance. Many times executing a writ of execution draws quick reaction from the judgment debtor who will usually attempt a payment plan if there is a balance still owed.
How long does it take to file a Writ of Execution?
The beauty of filing a writ of execution with the financial institution of someone who owes you money is that you can file(in most states) within 30 days after the appeal period is over. There is no need to wait months for a debt collector or collection agency to perform their work and then turn around and take a major percentage of the judgment. It only takes a few days to get results from Writ Ready, and you get to keep 100% of the judgment. The decision is a no brainer.
Important Note: As required by Federal Law (Gramm-Leach-Bliley Act of 1999), bank account numbers will NOT be given in report.
TIP: We suggest you do NOT list the bank account number on the writ of execution. By providing an account number you may have been “too specific” and thus risk excluding other accounts at the financial institution.