Q&A: credit card judgement question?
g Asked:
credit card judgement question?
My husband has a credit card verdict against him, that we are monthly payments. We live in NC and sell our house. If this ruling to pay before we move? We were never told that we have a lien on the house. I’m just not sure whether to pay judgments before the home can be sold. The home is as cosignor in my study as primary and my husband.
Best answer:
Answer by p_borino
if there isn’t a lien on the house, you can move. But you must notify the credit card company of the change of address.
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what can credit card companies take if they get a judgement against you for unsecured debt?
jim s Asked:
what can credit card companies take if they get a judgement against you for unsecured debt?
My mom broke up Quite a bit of credit card debt is 75 years old and can not pay. What are their options?
Best answer:
Answer by Jelly Bean
Credit card companies can't take her social security for an unsecure line of credit even if they have a judgement. She really needs to file bankruptcy.
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Can credit card judgement garnish content bank deposit box
Lisa T Asked:
Can credit card judgement garnish content bank deposit box
Best answer:
Answer by mister ed
well never heard of it but if they can speak a judge into it — it is very possible!!!
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how much time can I stall before paying off a judgement debt?
Question by valsheme@sbcglobal.net: how much time can I stall before paying off a judgement debt?
the court ordered me to pay someone for a debt. When do I need to begin making payments. What is the lowest I can pay without further recourse???
Best answer:
Answer by wad963
Well it depends on your say but in general it is the mortal who sued you that must enforce the judgement. If you do not want your consequence garnished or a lien on your property you should pay. Otherwise you can sit and move for them to take action.
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Q&A: What happens when you recieve a credit card judgement?
Question by jd51196:
What happens if you get a credit card ruling?
Best answer:
Answer by Jennifer B
You now have Public Records on file and reporting to the three credit bureaus which will lower your credit scores.
Some lenders think about Public Record items an instant reason for denial.
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default judgement in a child support case?
Question by Fernando Monarres:
Judgement by default in a child support case?
I had a child support case hearing on the babys mother and she didnt show up. They place a default judgement on her and scheduled another court date. What should I anticipate to happen with this default judgement.
Best answer:
Answer by George McCasland – Papa Bear
You don’t state if you or her has custody.
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What is a Judgement and How Do You Remove Them From Your Credit Reports?
What is a Judgement and How Do You Remove Them From Your Credit Reports?
What is a judgment? Typically A judgment occurs when a debt collector or a credit sues you for repayment on an un-secured debt. A judgment gives the creditor or collection bureau the legal right to try and recover payment for a period of up to 20 years. After this 20 year period is up the plaintiff can file a renewal.
Although a judgment can sound scary, all a judgment really is the legal right for someone to collect money. Usually, a judge will review the legal binding contract you signed with the lender whether it is a cell phone contract, a medical bill or a credit card. The judge will decide if the creditor is legally entitled to repayment. The debt will have to be within your says statute of limitations for a judgment to be granted. If it is outside of the statute, it simply means that the debt is too old to collect on.
Judgments will stay on your credit report for up to 7 years. It is important to comprehend that even if you should happen to pay your judgment it will still stay on your credit report as a negative item. It will only be changed to show as “satisfied judgment” which is still a negative mark on your credit.
Contrary to favourite belief you do not have to move for the judgment on your credit report to run its course before it can be removed from your credit report. I have found that the ideal legal way to remove a judgment would be to dispute it on your credit report. You do this by writing a letter to the credit bureaus disputing the accuracy of the reporting on your credit report. The FCRA (Fair Credit Reporting Act) says that the information on your credit report must be reported correctly or it must be removed.
A common manoeuvre that the credit bureaus often use is to simply ignore your dispute letter or respond erroneously. It’s not just as easy as dropping a letter in the mail box anymore. The reason for this is; in an effort for the credit bureaus to keep their costs down, it is often cheaper for them to ignore your request instead of actually doing the investigation! That is why I recommend you hire a professional credit repair company that is familiar with these stall tactics that the credit bureaus use.
I have used Lexington Law Firm in the past with much success. They seem to comprehend the credit repair process superior than anyone else. They have helped to legally remove judgements, bankruptcies, foreclosures, tax liens, garnishments and numerous collections in general from their clients credit reports.
Shayne Sherman is a consumer credit expert and author of several credit repair blogs.
A Steady Increase in Judgment Lien
The current economic downturn has caused a steady increase in judgment liens levied against defaulted debtors. This is because the economic downturn has largely been driven and mortgage crisis and general demand of acquirable credit. As banks and other financial institutions felt the pressure to generate cash and increase capital holdings, they began to call in all the risky and outstanding loans they had issued in previous years when credit was widely acquirable and cash holdings were strong. However, since the economy has declined, those with outstanding loans and mortgages can't afford to repay those debts and have thus fallen behind on loan payments. Desperate for cash, financial institutions have been forced to file lawsuits to recoup their financial losses. This has led to an increase in judgment liens.
A lien, originally derived from the Latin word “ligament” which means to bond, is a legal claim on somebody else’s property. It is issued by a court of law in order to repay a debt that has defaulted. A lien can only be instituted through a legal case. Therefore, the creditor or the original issuer of the debt must bring a law suit against the debtor. This term is applied to a property in order to guarantee or secure the payment of a debt. In the United Says a lien has come represent a very broad range of financial encumbrances. However, in other common-law countries, this term has a very specific security definition and is a passive right to retain the before mentioned property, but not the right to sell that property to reclaim a debt.
A judgment lien is a specific type of financial encumbrance that is one-of-a-kind to the Western world’s financial and legal apparatuses. This term refers to the particular judgment that results from a legal suit and delineates the specific properties or assets that can be held and sold to repay a defaulted loan. Unlike other common-law countries where the debt or loan holder does not acquire the right to actively sell the property or asset, a judgment lien is an active fiscal encumbrance. This means that the debt holder can not only hold the before mentioned property, but can also actively engage in understanding negotiations to help recoup potential losses due to bad or risky loans.
This particular financial encumbrance has been steadily increasing commonality due to the sudden economic downturn that has brought many debtors to edge of financial ruin. Bankruptcy proceedings have sky-rocketed. This increase is important when discussing judgment liens because, in many cases, when an individual declares bankruptcy debts and loans can be invalidated or, at the very least, significantly reduced. Loan holders initiate legal proceedings to secure their debtors assets before bankruptcy proceedings remove those assets.
It is a clear sign that the economy has been severely crippled in the last few months when judgment liens increase. These liens are often pursued as a last resort to regain some of the expected loss associated with a bad or risky loan. They are costly to initiate and legal proceedings can sometimes last days or even weeks, further reducing the amount of money regained by the financial institution.
A steady increase Judgement Lien
Information about a judgement lien.
Article from articlesbase.com
More Default Judgement Articles
Satisfaction Of Judgement on Credit card company that was included on my Bankruptcy Discharge But still on?
azbluesman1962 Asked:
Satisfaction Of Judgement on Credit card company that was included on my Bankruptcy Discharge But still on?
I have a sentence for a credit card. It is on my credit report bankruptcy, but also as a verdict. I visited the Better Court and was advised to contact credit card company so that they could solve them. We are now in the last couple of days a home and the lender no credit when we do not get this solved. Any tips? Thanks
Best answer:
Answer by Dixie Darlin’
If the judgment was won and was put on your credit report prior to the filing and discharge of your bankruptcy then it will remain on your credit report. It will be granted to be reported for 7 years.
The judgment will not be removed but they do have to mark it as Discharged as part of the bankruptcy. Your bankruptcy does not erase accurate reporting, they just have to update the position of the judgment.
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Q&A: What are the steps to debt collection up until judgement?
Question by *~Cam’s Mommy ~*:
What are the steps for collection to verdict?
Let’s state I miss a payment on a 26,000 dollar debt and continuously miss that payment. What steps will the lender take for action and how long does it take for apiece step?
Also, what if you can’t pay the minimum equilibrise on the debt. Do you contact the bank and inform them of that and offer them a smaller amount? What actions do you take before you get to the points listed in the first question.
Thanks!!
Best answer:
Answer by bdancer222
It really depends on who the lender is and what type of credit. If you miss a payment, it will show up on your credit report at the 30 day mark. Before that, you will probably begin getting collection calls and past due statements.
After 90 to 180 days past due, your statement will be sent to collections. Some lenders, including credit card companies, have their own collection departments. Some will assign the debt to a collection agency. And most will sell the debt to a collection agency. The collections will be reported to your credit file.
With a $ 26K debt, it is very likely that either the original creditor orthe collection bureau will sue, win a judgment, then attach your bank account, garnish your wages, and lien your property. All of which further restitution your credit.
If you are having financial problems, contacting the creditor is a good idea. Often they will try to work with you.
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