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  1. #1
    Join Date
    Jan 2013
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    1

    Default How to Collect Money From Somebody Who is Broke

    My question involves collection proceedings in the State of: illinois

    Someone owes my $10k which was lent to pay rent, school bills and other expenses. I do not have a written contract. I do have an email showing that the money is owed to me. I also have cancelled checks for some of the expenses. He claims that he will only pay me back if I fund an investment account with him wherby he will pay me back from the profits on the investment. He has no assets and claims to have no money to pay the debt. Should I file a case in order to get a judgement hoping to collect in future as he earns money? The judgement would be good for 5 years correct?

  2. #2
    Join Date
    Sep 2005
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    Default Re: How to Collect Money From Somebody Who is Broke

    If the defendant has no money, you can get a judgment and hold it until he has sufficient income and/or assets you can reach to satisfy part or all of the judgment debt.

    It would be foolish to throw good money after bad.

    Where are you getting five years from?
    Quote Quoting ILCS 735 ILCS 5/2-1602. Revival of judgment.
    (a) A judgment may be revived by filing a petition to revive the judgment in the seventh year after its entry, or in the seventh year after its last revival, or in the twentieth year after its entry, or at any other time within 20 years after its entry if the judgment becomes dormant. The provisions of this amendatory Act of the 96th General Assembly are declarative of existing law.

    (b) A petition to revive a judgment shall be filed in the original case in which the judgment was entered. The petition shall include a statement as to the original date and amount of the judgment, court costs expended, accrued interest, and credits to the judgment, if any.

    (c) Service of notice of the petition to revive a judgment shall be made in accordance with Supreme Court Rule 106.

    (d) An order reviving a judgment shall be for the original amount of the judgment. The plaintiff may recover interest and court costs from the date of the original judgment. Credits to the judgment shall be reflected by the plaintiff in supplemental proceedings or execution.

    (e) If a judgment debtor has filed for protection under the United States Bankruptcy Code and failed to successfully adjudicate and remove a lien filed by a judgment creditor, then the judgment may be revived only as to the property to which a lien attached before the filing of the bankruptcy action.

    (f) A judgment may be revived as to fewer than all judgment debtors, and such order for revival of judgment shall be final, appealable, and enforceable.

    (g) This Section does not apply to a child support judgment or to a judgment recovered in an action for damages for an injury described in Section 13-214.1, which need not be revived as provided in this Section and which may be enforced at any time as provided in Section 12-108.

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