After winning a business collections judgment, you still need to collect it. Finding assets can sometimes be challenging, but you have a long time in New Jersey to enforce your judgment. This article will discuss how long your judgment is good for, and how you can extend it.
How Long Can You Enforce Your Judgment?
The Statute of Limitations on a New Jersey judgment is 20 years, so if you don’t collect within that period, the judgment will lapse. However, you can renew it for another 20 years.
During that time, you should keep tabs on your customer — if it’s still operating, you can revisit your collection efforts throughout the life of your judgment.
How Can You Extend Your Judgment?
To extend your judgment for another 20 years, you would bring a Motion to Revive Judgment before it expires. There are 3 simple requirements: 1) the judgment must be valid and still in effect; 2) it must be unsatisfied; and 3) there can’t be any impediment to its enforcement, like an injunction or a bankruptcy stay.
Business collections can sometimes take patience. After obtaining a judgment, you have between 20 and 40 years to enforce it. As long as the customer’s still in business, a judgment that’s unenforceable today may be collectible tomorrow.
For more information on business collections, or if you’d like to discuss a specific collection issue, call me at 856-667-1669 or contact me here.
This material is for informational purposes only and should not be construed as legal advice. No person should rely on this information without seeking the advice of an attorney.