What to do if I am owed $10k by someone who has no money and no assets?

UPDATED: Jan 10, 2013

Advertiser Disclosure

It’s all about you. We want to help you make the right legal decisions.

We strive to help you make confident insurance and legal decisions. Finding trusted and reliable insurance quotes and legal advice should be easy. This doesn’t influence our content. Our opinions are our own.

UPDATED: Jan 10, 2013Fact Checked

Get Legal Help Today

Compare Quotes From Top Companies and Save

secured lock Secured with SHA-256 Encryption

What to do if I am owed $10k by someone who has no money and no assets?

Should I go to small claims court and get a judgement on file thinking that he will be earning money in the next year or so. Does it help for me to get my judgement in ‘first’ in the event he owes other people money? And lastly, how long is the judegment good for (5 years)?

Asked on January 10, 2013 under Bankruptcy Law, Illinois


M.D., Member, California and New York Bar / FreeAdvice Contributing Attorney

Answered 10 years ago | Contributor

It can't hurt obtaining a judgement now if you think that your debtor will be earning money in the near future; otherwise you can wait a bit and file for a jusgment down the line since, as you are already aware, judgments do expire. However, don't wait too long to file. There is something known as the "statute of limitations". This is the timefame in which a creditor can commence legal action to collect on a debt. Depending on the state, a creditor typically has anywere from 2-6 years to commence such a suit; after that any collection action will be time-barred. As for how long a judgment is good for, again that dpeends on the state. You can google for more spcific information as it relates to your jurisdiction. Finally, unless you are going to "attach" an asset, it makes no difference whne you obtain the judgement versus other creditors.

IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

Get Legal Help Today

Find the right lawyer for your legal issue.

secured lock Secured with SHA-256 Encryption