If you have been holding onto a consumer or commercial judgment for some time now then chances are that judgment’s value has increased! If judgments have not been collected and are renewed properly then that judgment five years ago is worth more today. The expiration of judgments varies across different states, here is Arizona a judgment is good for five years. You will always be collecting interest on your judgment until it is collected by Harris and MacNeil.
For example, if you have a judgment worth $1,000 that is earning a 10% interest per year over the course of five years. Your new judgment, after it has been renewed of course, is now $1,500!
You will always collect interest on what the balance of the judgment is, interest will attach at the declining balance as it is being paid. However if you did not locate the debtor than your original amount is building interest!
Although this sounds like a good idea to hold onto a judgment and let the dollar signs continue to grow, let the professional debt collectors of Arizona at Harris & MacNeil find out more!
Tel: 480-314-0616
Fax: 480-314-9240 or 623-399-9881
Email: info@harris-macneil.com
