Selling uninsured debt

stebbinsd · #1 (**permalink**) 06-05-2010, 02:34 PM

I am about to secure a judgment debt for $300 million (yes, do not adjust your computer monitor. That is a not a typo; three hundred million dollars).

The defendant in this lawsuit is not insured for this kind of thing.

However, this particular debt is not dischargable in bankruptcy because it was a deliberate injury.

In my state, interest piles on unpaid judgment debt at a rate of 10% per annum. However, it does not compound. If he disappears for a year, he owes me $330,000,000, but, if he disappears for two years, he owes me $360,000,000, rather than $363,000,000. Add that to the fact that he is stuck with that debt for the rest of his life, and we are talking some serious dough. Only his death can relieve him of it.

If I sold that debt to a debt-buyer, what kind of money can I expect to get?

stebbinsd · #2 (**permalink**) 06-05-2010, 02:37 PM

Also, the defendant is 32 years old.

sapphirecapital · #3 (**permalink**) 06-06-2010, 01:54 AM

almost nothing because this is above the income generally expected and it makes no sense for the obligated to even try paying but he will disappearing and playing games with you big time, you are better of settling with him for an amount doable and have him pay monthly; keep in mind for 50000 he can get a good second citizenship and move on to nicer beaches and thats only one possibility. Only guys interested would be money launderers but we better no go there

C9Consulting · #4 (**permalink**) 06-06-2010, 03:51 PM

I agree, no one is going to touch that as a debt-buyer. It's a flight risk waiting to happen. I'm not sure the guy who gets the judgment will be paying you for the rest of his life. He will find a way to get out of it.

I second the recc. to settle the debt. Go through with the judgment on principle and to teach a lesson, but there's not really a reason to almost guarantee this guys taking his own life. Which, realistically, is probably going to happen somewhere down the road (unless he's a multi-millionaire/billionaire).

sapphirecapital · #5 (**permalink**) 06-06-2010, 05:48 PM

when you have the judgement settle it and forget it

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