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Satisfaction of Judgment

After a judgment is entered against a debtor, the prevailing creditor (now a “judgment creditor”) will employ various tactics to collect on the judgment. State laws dictate the number of years a creditor may pursue collection on an outstanding judgment; typically, they are 10 to 20 years. Debtors whose attitude had been, “Go ahead and sue me, I don’t have any money” are surprised to learn that any assets they acquire for the next several years can be seized or forfeited in satisfaction of an outstanding judgment.

Inside Satisfaction of Judgment