oral contract

[curious12]

What is the name of your state (only U.S. law)? IL
I am owed $10k by someone who has no money and no assets. Should I go to small claims court and get a judgement on file thinking that he will be earning money in the next year or so. Does it help for me to get my judgement in 'first' in the event he owes other people money? And lastly, how long is the judegment good for (5 yrs)?

 

[sandyclaus]

What is the name of your state (only U.S. law)? IL
I am owed $10k by someone who has no money and no assets. Should I go to small claims court and get a judgement on file thinking that he will be earning money in the next year or so. Does it help for me to get my judgement in 'first' in the event he owes other people money? And lastly, how long is the judegment good for (5 yrs)?

You're free to sue if you think you can win.

In Illinois a judgement is good for 20 years, so that should be plenty of time to collect while waiting for their finances to improve. If you think it's going to take that long to collect, I would also ask the judge for statutory interest (which is 9% per annum) on the unpaid balance.

Yes, if you get your judgment ahead of others, you will have first dibs on collecting - unless, of course, the creditor is the state or federal government, in which case I believe they would get the first bite.