![]() ![]() ![]() Judgment 20 years from date of entry Lien in favor of judgment creditor NJSA 2A:17-3. NJSA 12A:9-403 County and Secretary of State UCC-3 - Termination Statement Corporate Franchise Tax Lien 10 years Tax for the right to do business. This entry was posted in Litigation by Administrator. expiration Security interest on fixtures and personal property NJSA 12A:9-101 et seq., NJSA 12A:9-302. The attorneys at Law Firm Carolinas in both the Greensboro and Charlotte offices would be pleased to work with you to renew and collect on your judgment. ![]() The “renewed” judgment extends the time for collecting on the judgment, so if the defendant does find itself in a better financial position, the judgment creditor may have a better likelihood of collecting the money owed. But, in an ideal world, we all hope to be in a better financial position in the future – by obtaining raises or bonuses at work, completing new degrees that allow for better paying jobs, etc. Second, a judgment reflects poorly on credit reports and may have a negative impact on a defendant’s ability to purchase a new home or vehicle or obtain a loan.įinally, a defendant may not have had sufficient assets within the first ten years to satisfy the original judgment. Having a lien on the real property can make it difficult for the defendant to sell the property without paying off the judgment. It is a good idea to contact an attorney with Law Firm Carolinas to assist in making sure that the judgment is properly recorded in all counties in which the defendant owns real property. While there is no guaranty that you will be able to collect on the second judgment, there are many benefits to renewing the judgment.įirst, a judgment operates as a lien on real property owned by the defendant. You may ask yourself why you should to initiate the second lawsuit if you have been unsuccessful in collecting on the first judgment. The attorneys at Law Firm Carolinas have experience in renewing judgments and would be pleased to assist you with this process. This second lawsuit must be filed within ten years of the date the original judgment was entered – most often it is done just a few months before the ten year expiration in order to maximize the length of both judgments. A judgment is renewed by filing a second lawsuit for the remaining amount due on the original judgment. The judgment can be renewed for another ten years, giving a judgment creditor additional time to try to collect the money owed. In North Carolina, a judgment is valid for ten years from the date it was awarded by the Court. Suppose you were awarded a money judgment against an opposing party but, not surprisingly, the defendant didn’t immediately write you a check to satisfy the debt. ![]()
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