judgement and home

I am in no means an expert on the bankruptcy laws, I am sure that someone with more information will come along soon and help you out with that.

About the judgement, how much is it for and what is it for? A small judgement would not be as jeapordizing as a large one. I have heard of sheriff sales on property to satisfy judgements. Not sure about the home, probably would depend on the amount of the judgement owed.

Can you work out a payment plan for the judgement? Have you contacted them and asked them about some sort of payment plan?

Hi Godly,

Goodnatured is right. Whether or not your home will be taken, depends on the amount of the judgment owed. It depends on your state too. So you can check the state laws in relation to judgment.

Rather than filing bankruptcy, you can work out a payment plan with the creditor or the collection agency. Try to negotiate a settlement with them. Settlement lowers the outstanding debt amount by 40-60%. Why file bankruptcy, while you can settle the payment amount? Bankruptcy stays on your credit report for 7-10 years and damages your credit.

Hope this helps.

Regards,

Aaron

I agree with alll above. I have been in a magistrates office to pay a speeding ticket and have seen different sheriff sales listed. Yes they do post them. Plus I have also seen them on the local paper. If you own property free and clear I would try paying off the judgment. How about taking out a loan against the paid off property and get rid of the judgment all together? It would dsefinatley help you sleep better. Also try settling for less before paying. Most will do so just to collect their money and be done with the debt.

Yes it is definately better to try and get it resolved before they come after you. The local sheriffs office will not care, they get paid to perform the auction and to take the money so you will not get any sympothy from them.

Try to get ahold of them and set up some arrangements.

I have also heard of summons being delivered to your home and people saying they have never recieved them. Do not take a chance on losing what you have spent a lifetime building. We all can get behind and hit hard spots. Sitting back and doing nothing is the worst possible thing to do. It looks better in court and to your creditors if you try to resolve issues. Payment arrangements are a very good way to do this. My only hold back on that idea is giving out your checking account number. I have read on hear too many times about creditors dipping in and taking more than they were suppose to or doing it too early.