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Bankruptcy Sales? Judgments????

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    #1

    Bankruptcy Sales? Judgments????

    Okay, this is really a little disturbing, but, can someone explain to me why "Judgments" are included in Bankruptcy auctions?

    Are they selling the judgments to anyone that wishes to collect whatever they can for themselves?

    After reviewing what is being listed for sale by "trustees", I came across many judgments that are being auctioned off for "cash".

    These judgments are from all over the USA and against, individuals, as well as companies.

    It lists the debtor, the state they are located in and sometimes a pdf of what the judgment is for. Some were defaults.

    http://www.bankruptcysales.com/view_assets3.cfm?ID=19
    What about the BK protection?
    Last edited by Widdle; 10-15-2009, 01:30 PM. Reason: http address
    Tags: None
    #2
    I have no idea what is going on. I never heard of this. Hopefully, others with some insight will explain this.

    Comment

      #3
      I seem to recall something about this.

      It is a hazy recollection, though, so take with a grain of salt.

      A few years ago when I started researching BK I came across similar info. I think these were judgments obtained by people or companies who, later, THEMSELVES, declared BK.

      So, Joe sues neighbor Melanie for $1000.00 and wins. Then JOE declares BK but has been unable to collect (thus far) on the $1000.00 owed by his neighbor.

      That judgment becomes an asset of the BK court and can be sold to anyone interested in buying and trying to collect.

      So, it is not the person filing BK whose debts are sold, but the debts OWED TO the person/company that filed the BK, but which remain uncollected.

      I think the same deal may apply to accounts receivable which are thought to be uncollectible.

      I imagine these judgments rarely sell, and if they do, it is at a very very small price.

      Corrections welcome, this is my hazy recollection.
      11-20-09-- Filed Chapter 7
      12-23-09-- 341 Meeting-Early Christmas Gift?
      3-9-10--Discharged

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        #4
        People trade debt and judgments just like commodities. If you have no life whatsoever, you can buy bad debt from banks or credit card companies for pennies on the dollar and then put the squeeze on the debtor and try to make money by collecting more than you paid for the debt.
        Pay no attention to anything I post. I graduated last in my class from a fly-by-night law school that no longer exists; I never studied or went to class; and I only post on internet forums when I'm too drunk to crawl away from the computer.

        Comment

          #5
          Originally posted by MSbklawyer View Post
          People trade debt and judgments just like commodities. If you have no life whatsoever, you can buy bad debt from banks or credit card companies for pennies on the dollar and then put the squeeze on the debtor and try to make money by collecting more than you paid for the debt.
          Yes, sounds like all Credit Collectors. I guess they go on percentages, but I could never talk that mean to anyone. 'Hub
          If I knew it all, would I be here?? Hang in there = Retained attorney 8-06, Filed 12-28-07, Discharge 8-13-08, Finally CLOSED 11-3-09, 3-31-10 AP Dismissed, Informed by incompetent lawyer of CLOSED status, October 14, 2010.

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            #6
            Originally posted by AngelinaCatHub View Post
            Yes, sounds like all Credit Collectors. I guess they go on percentages, but I could never talk that mean to anyone. 'Hub
            Me either. That's why my "collections attorney" career lasted a whole week before I decided I'd rather clean sewers.
            Pay no attention to anything I post. I graduated last in my class from a fly-by-night law school that no longer exists; I never studied or went to class; and I only post on internet forums when I'm too drunk to crawl away from the computer.

            Comment

              #7
              Originally posted by MSbklawyer View Post
              Me either. That's why my "collections attorney" career lasted a whole week before I decided I'd rather clean sewers.
              A much honorable trade. 'Hub
              If I knew it all, would I be here?? Hang in there = Retained attorney 8-06, Filed 12-28-07, Discharge 8-13-08, Finally CLOSED 11-3-09, 3-31-10 AP Dismissed, Informed by incompetent lawyer of CLOSED status, October 14, 2010.

              Comment

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