Winning a Judgment Is Not Getting Paid
From Construction Legal Made Easy · 15:22
Show by Karalynn Cromeens
Winning does not guarantee payment. Karalynn and Jess share a concrete supplier's costly missed-lien story, then explain how to evaluate unsecured debts, weigh lawsuit costs and counterclaims, and pursue judgments through bank garnishment or asset sales without spending more than you can realistically recover. Learn more about The Cromeens Law Firm here! Read more about punch lists here, and listen to our deep dive about them here. Grab Karalynn's new book Trust Your Gut here. Follow Karalynn Cromeens on Facebook here. Follow Karalynn Cromeens on Instagram here. Follow Karalynn Cromeens on LinkedIn here. Watch the show on YouTube here. Key Takeaways Trusting a customer does not replace timely lien notices, as the concrete supplier owed $120,000 discovered when missed deadlines and the customer's bankruptcy left him expecting to recover only $12,000. Before suing over an unsecured debt, investigate whether the debtor has money or nonexempt assets you could actually collect, because winning a judgment is not enough if there is nothing available to satisfy it. Review your contract's arbitration clause and the risk of counterclaims before filing suit, because additional proceedings can increase costs and a counterclaim can keep you in litigation even after you want to drop your own claim. Collecting a judgment requires additional steps, which may include recording an abstract in relevant counties, pursuing bank garnishment, or seeking execution against nonexempt property. Make collection decisions based on likely net recovery rather than the amount originally owed, because accepting a reasonable settlement or reinvesting in your business can make more financial sense than funding another legal fight.
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- The Truth About Pay When Paid
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- Episode 3: The 411 on Bonds & Surety (With Drew Addison)
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