What happens when that day finally comes that you have finally brought your debtor to his knees, you’ve slain the dragon, taken Goliath down with a single stone or whatever metaphor you want to use. The fact is that you’ve gotten PAID! You just can’t ride off into the sunset just yet. You have to satisfy the judgment. That means another document from the court. Again just a very simple form, but one the court needs so that they and everyone else knows that the judgment is paid and justice has been done. Like Judgments, Satisfaction of Judgments are picked up by credit reporting agencies and failure could potentially land YOU in hot water.
Procedurally, most courts will require that you have the Satisfaction of Judgment or Acknowledgment of Satisfaction of Judgment notarized so either make sure you find out if you need to or just have it done, it can’t hurt.
Another thing you need to consider is whether you filed and recorded an Abstract of Judgment and/or UCC lien. If so, you will need to undo what you have done. This means recording the Satisfaction of Judgment or Release of Abstract if you recorded one and obtaining a Release of Lien form or its equivalent from your Secretary of State filling it out and filing it with them.
I know that this extra step(s) may seem like a bit of a bother, but if you are carrying this step out then that means you got the end result that you wanted. It’s the same thing I tell wealthy people that complain about paying so much in taxes…”You wouldn’t have to pay any money if you weren’t making any!”

• Previous Entry: WHAT’S THE WORST THAT CAN HAPPEN?
• Next Entry: COLLECTION ATTORNEY V. COLLECTION AGENCY