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Person stopped paying credit card company 3 years ago, fees,late fees built up. Bill is now with an attorney's office and they are threatning a 'judgement'. What exactly does that mean? I know its on their credit report, but can they attach lien to property and garnish wages?
A judgment is basically a decision taken by the court. In this situation, a judgment implies that the court shall decide upon the repayment of a debt which has not been cleared by the debtor. The court has to decide upon the amount the debtor owes and the interest he needs to pay on the unpaid amount.
The court can also place a lien against the debtor's real property as collateral for the creditor requiring the judgment to retrieve his money. The court can also issue an order to garnish wages or anything that the debtor possesses in order to clear the debt. But the debtor is also given a chance to appear in the court and explain why the creditor should not be allowed to garnish any possession of the debtor.
Judgments
I am a former Certified Financial Counselor and credit correction specialist with extensive knowledge with consumer law. To help with the question about Judgments. Depending on the statute of limitations in the state where the debt occured the creditor can sue and obtain a Judgment for the debt and yes they can file a motion for what's called a writ of execution which means they are trying to garnish wages at 25% of disposable income depending on the state you live in. The recommendation in a situaion like this would be to contact the law office and request a stipulation of judment if they have not entered judgment yet. what this means is that you agree to make monthly payments for a specific period of time until paid in full and they agree not to sue or garnish wages.
Good Luck
BEING SUED CREDIT CARD NOT WANT TO GET A JUDGEMENT
I HAD A DBA BUSINESS CREDIT CARD AND ALWAYS PAID UNTIL LAST WINTER IM A CONTRACTOR A COLLECTOR CALLED AND FORCED ME TO AGREE TO A PAYMENT TERM I KNEW I COULD NOT ADHERE TO PAID $1400 OFF TOTAL 4600 THEN SUPPOSED TO PAY 860+ A MONTH FOR JAN FEB MAR AND APR WINTEER IS SLOW FOR CONTRACTOR AND TOLD THEM THAT THEY DID NOT WANT TO HERE THAT AND TRIED TO HAVE THEM LET ME MAKE SMALLER PAYMENT WHICH THEY DIDNT WANT AND THE CHECKS BOUNCED NOW IT JULY AND IM BEING SUED AND A POSSIBLE JUDGEMENT AGAINST ME HOW CAN I GET THEM TO ALLOW ME TO MAKE SMAKK MONTHLY PAYMENTS LIKE $100 WITHOUT BEING BULLIED AND GETTING A JUDGEMENT
Once you get into court there should be an arbitrator there, they will probably put a judgement against you that will lifted once the payments have all be made. The arbitrator should set affordable monthly payments for you, much lower than what the collection agency is demanding. Goodluck, hope you find resolution to your problem.
That is probaly the only way to get a collector to take smaller payments. Can a person get an arbitrator or do they have to wait for the company to sue. Because in the mena time on an amount like this it could really add up in late and over the limit fees.
In my case the court assigned three attornies to be the arbitration team, so I did not have to do anything.
That is good to hear unless you have to pay for three attys. Imagine the fees?
I don't think that I have to pay any of the attorneys, at least I hope not, Ouch, did not think of that.
In my understanding it is very rare to have t pay attny fees in small claims court
best buy credit repair,
I would say that while it does take time to learn the FCRA, FDCPA and your state laws it is not a daunting task. I also believe that everyone should know this information regardless of their credit score or debt situation. Anyone who just assumes that a company or individual providing a service knows more than them and just trusts them blindly is going to get ripped off. Credit repair does involve alot of tedious letter writing and follow up but, it is not a difficult task. Anyone who puts some time and effort into credit repair will get results. Yes, some ppl will rather pay ppl like you and I to do the leg work for them because they value their free time over $$ but, They really should be encouraged to learn the process for themselves.
Yanno, Teach a man to fish......
CMBV I am not even giving bbcr the reply. I don't believe whom ever is even reading these posts and trying to help. I think this is just a free form of advertising.
yeah, I figured that out when I read the same post about 800x after I wrote this.
Me too. I commented on a few and then seen there was still a milion other listings.
bad credit
I left the usa in 1996 with many credit card bills never paid..for a total of around $20,000...no of them have been paid to this date..the collectors were after me until about 1999..as 13 years have passed what is my credit situation
judgement
I owe about 15 thousand in credit card debt my only source of income is disability ,does judgement mean you go to court Only thing I own is 1998 car with over 200 thousand miles on it
judgements
I just had a judgement slapped on me in n.y. if I move to another stae can they still garnish my salary
judgments
credit reports- do they report from the file date or from the date
that the judgment was awarded. when does it come off credit- when the judgment was filed or when the judgement was awarded.
judgment
Hi Donna:
You can opt for debt consolidation. Debt consolidation can lower your interest rates, and thus it becomes more easier to pay off the debts. Moreover, in debt consolidation, you need to take out a loan to pay off your debts. Thus, you need to make a single payment each month in place of many payments towards the various creditors. You forward the payment to the consolidation company, and they in turn forward the payment to all your creditors.
big pete:
Can you tell your state? Wage garnishment is not allowed in some states.
Liane:
Judgment is reported from the date the judgment was awarded. It stays on your report for 7 years from the date the judgment was awarded.
Thanks,
Aaron
judgement
have a judgement from court and person has moved, how can I attach his credit report being I have social security number, do I need an attorney or can I write to bureaus and send copy of judgement?
bureaus usually pick up this information on thier own from third party data providers like Lexis Nexis. They like consumers to think they get this info directly from court records, but that's lie and your local courthouse can even verify for you that they don't supply credit bureaus w/ information. so, basically, you don't need to do anything.
do u know where person moved to? if the judgment amount is worth it, then consider having a sister judgment issued in the state where they moved. then you can go after them in that state.
I would think that you could call the court house where they moved to and see if you can file the judgement or a copy of it in that county but my initial thoughts are that the judgement will stick with them where ever they go, you don't need to do anything other wise you will be chasing them forever.
Is there a way you can have the irs deduct and pay you when they file their taxes? Just a thought//??
wage garnishment/lien on home
credit card got a judgement (I am in california) about 13,000.00 owed with all the fee they added on. My questions is credit card put a lien on my home and same credit card also garnish my wage.Can they do both?
wage garnishment and lien
Hi S.C.,
Yes, some can get a judgment to garnish your wage, and some can win a judgment and put a lien on your property. However, as far as I know creditors cannot do the both on the same debt. Another thing is that wage garnishment is not allowed in some states. So, you can check the garnishment laws in your state.
To stop wage garnishment, and to remove the lien on your property, you need to pay off the credit card debts. If you can't seem to pay off the outstanding debt amount, you can try to settle the debts.
Thanks,
Aaron
wage garnishment and lien
Thank you for the quick reply .
The creditor have done both (garnish wage & put lien on my home) for the same debt. I don't have money for a lawyer so if there is anything I can do myself please let me know. I live in California. In California they do allow wage
garnishment.
reply
Hi S.C.,
I did a bit of googling and found that a creditor can both put a lien on your property, and garnish your wage for the same debt. However, the lien will be removed when the debt gets paid off through garnishment of your wages.
I also noticed another thing. That is as California is a community property state, the creditor may also garnish your spouse's wage. Ina community property state both the spouses are held liable for a debt incurred by the other.
Thanks,
Aaron
Wage Garnishment and lien
Thank you for the information. I will keep in touch.
reply
Hi S.C.,
Hope that you will be able to solve this problem.
Regards,
Aaron
judgment
Arrow financial bought my bad debt.They sent it to Rubin and Rothman,LLC. who, got a judgment and froze my bank account. I filed an Order to Show Cause with the Nassau county courts which was signed by the judge and a court date is Aug 11th. Now my questions.....will they negotiate with me before the court date? Also...if the loan was bought for 10% of the amount owed why do they insist they need full amt over $8500?
If it was the company itself I owed I could understand but its going to someone I do not even owe half that much to. Not to mention the fact my home may foreclose in the meantime because they have frozen my whole account. Any advice for me?
judgment
Hi Racegirl,
will they negotiate with me before the court date?
This depends on them. One can never say whether or not a colection agency will settle with the debtor.
if the loan was bought for 10% of the amount owed why do they insist they need full amt over $8500?
The collection agency can buy the debt for whatever amount they can. However, this does not mean that the debt amount can be lowered as such. If you owe, you are supposed to pay off the debt. If you are facing financial problems, you can request the collection agency to settle the debt.
Thanks,
Aaron
judgment
Thanks....I found out once there is a judgement there is very little negotiating....I advice anyone out there to settle with the debt collector! I settled at $5900 and it could have been half if I did it before the attornys stepped in. Expensive lesson learned.
Taxes
We have gotten behind on our property taxes about $7000 and have been served with a suit and hearing date. We cashed in my husbands small retirement acct. And have about $3000 to pay the atty handling this said that they would put a judgement on us. Do we need a lawyer?
judgement
If someone have a judgement against you, say for 1,000.00, can they
continue for charge interest?
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doVgfw Muchos Gracias for your blog article. Much obliged.