Every year, millions of lawsuits are filed in the United States. This results in many judgments, ranging from trivial amounts to many millions of dollars. What many people don’t realize, however, is that many judgments are never collected. In fact, as many as 80% of judgments remain uncollected by the “winners” of these cases.
This is a widespread and under-appreciated social and economic problem. While it’s true that some lawsuits are trivial, many are entirely justified. So we have a situation in which victims of accidents, unpaid debts and various types of negligence are never properly compensated. The plaintiffs in many cases must spend quite a bit of money to hire attorneys. They must also spend hours consulting with attorneys, filling out paperwork and going to court. All, in many instances, for nothing.
The Need For a Judgment Marketplace
The problem of uncollected judgments is widespread and there is no simple solution. Changing laws won’t help, because the laws are already on the books. When someone is legally obliged to pay a judgment, the law has already spoken. The problem is, many people are not willing or able to pay. This is a situation where the best solution can be provided by the free market.
Judgment Marketplace is literally a marketplace where judgments are bought and sold. From sellers’ point of view, it gives them the chance to actually collect money on the judgment. While they will probably not get the original value of the judgment, whatever they get is a lot better than nothing. Furthermore, they are completely in control over the price they set. This has been called an “eBay for judgments,” and a person selling a judgment is indeed like the seller of any item on an auction site such as eBay.
From the point of view of buyers, judgements are an investment that presents a great opportunity. Because there are so many judgments to choose from, buyers can do research and decide which ones are most likely to yield results. Since judgments are usually sold at only a fraction of their real value, there is the potential to earn very high profits. While not all judgments will pan out, investors who diversify can make money if even a fraction of them pay off.
While Judgment Marketplace already lists a very large number of judgments, this is only the beginning of what is likely to become a very large trend. As more people find out about this option, many more judgments will enter the marketplace. This will be of great benefit to both sellers and buyers.