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“I have a collectable debt. How long will it take for my company to get paid?”

A question we frequently receive is: “I have a collectable debt.  How long will it take for my company to get paid?” 

The short answer is: “it depends.”     

As explained here, most collection lawsuits consist of two separate parts.  The first part of the lawsuit typically leads to a Judge ordering a “stipulation of judgment” or the parties agreeing to a “stipulation of settlement.”  In the Judge’s order, the Court declares that the Debtor owes the Creditor some amount of money.  The second part of the lawsuit consists of your Attorney using the available legal tools and remedies to actually enforce the judgment and direct payment to you.  

The first part of the lawsuit can take as little as two months.  The second part can—and usually does—take far longer.  Depending on the size of the debt in question and the debtor’s financial resources, collecting may take a long while as payments are often made in periodic payments (i.e. from a “writ of garnishment”).  As a rule of thumb, it takes a long time to enforce a judgment when the Debtor is “poor” and owes a large debt.  The reverse also holds true: enforcement happens quickly when a “rich” Debtor owes a small debt. 

Contact us here if you're looking to collect a debt owed to you.

DISCLAIMER: The legal analyses and blog materials on Troon Law Group, LLC’s website are marketing materials and are not legal advice for your individual situation. These materials are opinionated content and reliance upon the following materials is not advised. While this article is written by a licensed attorney, Troon Law Group, LLC and its employees are not your attorney(s) and reading and/or acting upon this article does not create an attorney-client relationship between you and Troon Law Group, LLC or its employees. This article provides GENERAL legal information and should not be used as legal advice. Reliance on this information for your personal situation is NOT recommended, because each case is individualized and stands on its own facts and legal foundation, therefore you should consult with an attorney AND NOT rely on this information in lieu of retaining legal services.