A money judgment which has issued from any of the various jurisdictions in the United States will typically have a statute of limitations dictating when the judgment will expire. In many jurisdictions money judgments can be renewed for a period of time beyond the initial statute of limitations. Here is an brief explanation of the topic Statute of Limitations and Judgment Renewal.
The statutory method for renewing a judgment will vary by jurisdiction. In every state where judgment renewal is allowed, there is also a different length of time for how much longer the judgment is renewed. A quick look at the judgment laws and rules of procedure for the specific state can be researched in order to determine the particulars which apply there.
What this means for a judgment creditor is significant. If a money judgment remains partially or totally unpaid as the life of the judgment nears expiration, new life can be had for a significant amount of additional time. This gives a judgment creditor more opportunity to collect his judgment money and thereby truly experience the justice that he is due. The longer a judgment survives and the longer it is possible to enforce that judgment, then the greater the possibility of gaining satisfaction of it.
Some debtors may elude judgment execution for years. A vigilant and resourceful creditor may ultimately succeed at enforcing a difficult judgment if given enough time to do so. The possibility of renewing a judgment and gaining more time can be extremely encouraging to a creditor.
Since the possibilities of judgment renewal and laws concerning the topic are jurisdictionally unique, anyone holding an unpaid judgment would do well to seek accurate information about the subject as it relates to their own judgment. The statutes of limitations on renewing a judgment are set in concrete. One would be wise to face the topic well before the date of expiration. As a matter of fact, in some states it is necessary to start the renewal process well in advance of the expiration date. After a judgment expires is normally too late to renew. Be aware and be forewarned of your judgment time limit.
Renewal of money judgments is great for a creditor. There are even some states where a judgment can be renewed perpetually. Let’s take advantage of renewal if we need to in order to collect our judgments.
The obligor owes us for a reason, the court agreed with us in our lawsuit. Let’s get paid!