Has Your Old Judgment Become Collectible – Missouri Collection Lawyer

Missouri Collections Lawyer, Best Collection Law Firm in Springfield Missouri ,Has it really been 8 years since the since the 2008 economic collapse?  Bankruptcy filings shot up and it seemed as if no borrower could pay back any loan, particularly those real estate development loans that only a few years earlier seemed like “no lose” loans. As a result of the record number of loan defaults, lenders throughout Missouri obtained thousands of judgments against borrowers and guarantors. These judgments, obtained in 2008-2010, were dismissed by lenders as “uncollectible” and quickly put on a shelf to gather dust.

Those judgments, which are now 6-8 years old, will expire soon, and a lender must take affirmative action to keep their judgments alive. In Missouri, a judgment (and the lien on real property created by the judgment) expire ten years from the date of the judgment. The statutes provide that no execution may be issued after the judgment, and its corresponding lien, expire.

Missouri Revised Statutes Chapter 516 lists Missouri’s applicable statutes of limitation for nearly all civil actions. R.S.Mo. § 516.120 states that actions on contract (except upon a writing) shall be maintained within five years. Other causes of action filed on debts (such as suits on open account, account stated, quantum meruit, etc.) will have their own statutes of limitations. Missouri probably does not include most boilerplate agreements as made “upon a writing,” unless executed by the party against whom the contract is to be enforced. Missouri judgments are governed by statute (Revised Statutes of Missouri Chapter 511) and Supreme Court Rule (Rule of Civil Procedure 74). Most Missouri domestic judgments remain enforceable for a period of ten years, unless revived by statutory action or payment into court upon the judgment. R.S.Mo. § 516.350. Exceptions may arise in the case of support/maintenance judgments or orders.

So what should a lender do with all those uncollected judgments obtained during the downturn? Missouri provides a simple process to “renew” the judgment. In order to keep your judgment alive, a lender needs to file a new lawsuit suing on the former judgment. This is a simple process and there are very few defenses that can be raised. Once the lender succeeds on this new lawsuit, it will have obtained a new judgment that will last another ten years.

How much will this cost?

Every county sets their own court costs, so what may be a viable case in Springfield Missouri may not be a case you would want to file in Marshfield Missouri or Lebanon Missouri. As a result, the inclusion of a provision in a contract or credit application that provides for the recovery of the attorney’s fees by a prevailing party may determine whether or not a party finds it cost effective to initiate litigation.

Contact us for any questions you have regarding proceeding with suit against a customer for an obligation owed your company.

Give Jason Krebs a call or send us an email to set up an appointment today to meet with a Missouri collection attorney about our legal services including commercial debt collection, property management evictions, medical debt collection, our flat fee demand letter service or schedule your free receivables review in our Springfield, Missouri office near Battlefield and 65 on Ingram Mill, south of Glendale High School.

Missouri Collections Group
2838 S Ingram Mill Rd
Springfield, Missouri 65804
phone: 417-833-8200
email – contact@MissouriCollectionsGroup.com

Schedule your Free Receivables System Review
We created our 5 Point “Receivables Systems Review” Consultation – it has a real retail value of $2999, but because we want to help as many business owners and accounts managers as we can get the answers they need when debtors are taking advantage of them, we’re making a limited number of these available at absolutely no charge. All you need to do is call our office at (417) 833-8200 reserve your spot.

Here are the different elements of what you’ll experience during this in-depth consultation:

A Real, Live Face-to-Face Meeting. We’ll meet face-to-face to discuss your receivables and collections issues. You won’t be filling out a web-based data entry form, sending an email or sitting on hold waiting for a real human being to answer. You and and our Missouri Collection Attorney will sit down in a room and talk things through. We’ll get to know each other the old-fashioned way – where we can share and learn from each other.

A Comprehensive Situational Assessment. We’ll let you describe your collection process. You talk and we listen.

A Preliminary Receivables Review. We’ll conduct a preliminary review of your accounts receivable and any supporting documentation you have on your receivables. In addition, we’ll review your credit application documents, systems and procedures and explain how they factor into your current and how to avoid potential future problems.

An Honest and Open Q&A Session. We’ll answer any questions that you may have about the collection process and what you can do to improve. We’ll be open, honest, and do everything we can to answer your questions to the best of our ability.

Your Customized “Next Steps to Fairness” Proposal. Finally, after going over your situation, we’ll lay out in clear, easy-to-understand language, what we see as the strengths and weaknesses of your system. In addition, you’ll walk away with specific suggestions on what we see as your best course of action moving forward.

GUARANTEE: While we can’t guarantee ultimate results, we will guarantee that our conversation will provide clear, actionable information that you can use to move forward with confidence knowing you’ve received timely and prudent advice.

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