Once the judgment has been finalized and filed with the court, you will be required to pay the debt. However, if you are unable to pay the balance in full, you can work with an attorney to explore your options. Here are a few to consider:
This type of lien is filed with the Department of State and only valid for five years. After this time period has passed, the creditor must obtain another judgment lien.
After seized, the property is sold and the creditor paid from the proceeds. This act is known as an execution of judgment. The creditor is responsible for any fees that result from an execution of the collection judgment. Upon the satisfaction of the debt, a record of satisfaction will be mailed to you or the person who paid the debt.
According to the Fair Credit Reporting Act (FCRA), the collection judgment may remain on your record for at least seven years and even up to 20 if the creditor renewed it as per required by law. When you have all of the necessary details, you can make a more informed decision.
Bank levy. A court-approved bank levy freezes the funds in your bank account until the debt has been repaid. The creditor may or may not notify you prior to the levy. If a creditor suddenly levies your account and drains it of all your funds, then you have been subjected to “gutter service.”.
After a lien certification is placed on any property you own, it stays in place for 20 years. It’s initially recorded for ten years, then rerecorded for another ten years in the Official Records of the Clerk’s Office. Since homestead property is exempt from being taken, the debt must be satisfied before it can be sold.
When a creditor drains an individual’s bank account, sometimes people are unable to pay for their rent, food, and other bills. If debt is forcing you into overwhelming hardship, consider contacting a bankruptcy attorney. There are many things to consider before filing bankruptcy.
If you or your client has been awarded a judgment, you will need a lawyer with specific experience enforcing collections who has the right knowledge and resources to help protect your rights. Call the Law Offices of Kretzer and Volberding P.C. today at 713-775-3050 to discuss your case.
In accordance with Texas Civil Practice & Remedies Code § 31.002, a court-appointed receiver may collect unpaid money judgments. This receiver (frequently a judgment collection lawyer or firm) is authorized by the judge to seize non-exempt assets from the judgment debtor to pay the judgment creditor.
A writ of garnishment is particularly useful in situations where the debtor does not have enough real or personal property in Texas to satisfy your judgment against them. Accounts subject to a writ of garnishment can include not only bank accounts, but also some investment accounts.
The court-issued writ of execution allows law enforcement in Texas to take on properties similar to those of a judgment enforcement agency. This means law enforcement can seize and sell real and personal property belonging to the debtor in order to help satisfy the judgment.
When a creditor sues you to collect debt you haven't paid, you have three choices to deal with the lawsuit: 1 allow the creditor to obtain a judgment against you (called a "default judgment") 2 defend the lawsuit yourself, or 3 hire an attorney to represent you in the lawsuit.
A counterclaim is a claim that you have against the creditor. In most states, the counterclaim must relate to the transaction at issue in the creditor's lawsuit. For example, say the creditor sues you for nonpayment of a credit card debt.
A defense is a reason why you aren't liable for the debt or a reason why the creditor shouldn't be allowed to collect the debt. Here are some common defenses to creditor suits: the statute of limitations (the time period in which the creditor must bring the lawsuit) has run.
allow the creditor to obtain a judgment against you (called a "default judgment") defend the lawsuit yourself, or. hire an attorney to represent you in the lawsuit. Which option is best for you will depend on a number of factors.
If bankruptcy might be inevitable, think twice before using retirement funds to pay bills. Most people can keep their retirement account in bankruptcy.
If you have sued someone successfully and still are awaiting payment, you may require the services of a debt collection attorney. There are different debt collection regulations and procedures that a debt collection lawyer can use to most effectively get your money.
If you are part of a legal case involving debt collection, you may want to hire a debt collection attorney. A lawyer with experience in debt collection can help fight for your rights as a consumer, defending you against a debt collector or creditor.
According to WebRecon, a record breaking 12,000 debt collection lawsuits are expected to be filed in 2010, up from 9,300 in 2009 and 4,400 in 2007.
You can appeal, but expect to be required to pay an appeal bond in the amount of the judgment. If you appeal or move to vacate, you need grounds for the judge to rule on. Without grounds, expect to lose. The judgment will remain on your credit report for as long as it is valid, which can be more than 7 years.
Mr freedman has set forth out the basics. To add to his comments, once the creditor (plaintiff) has a judgment they will eventually try to enforce (collect) the judgment via wage/account garnishment.
Once you fall behind on a debt your credit record is marked for 7 years.#N#Here you fell behind and were sued.#N#There was a court hearing and a judgment was entered against you.#N#This history of these events will most likely appear on your credit record for 7 years.#N#Once the judgment is entered the creditor's attorney will look for assets to satisfy....