Doesn't it have to do with the laws of the state? In Mo the state is Tenants by the Entirety meaning the husband owns 100% and the wife owns 100% interest, therefore the property is judgment proof if only one spouse has the judgment against them. Prperty can be titled TBE if you live in astste that does not have the same laws as Mo. Probably a lien could be placed on her half of the property but not his if there are no Tenant By the Entirety laws or not set up that way. Not sure about this, but it also seems as if debt collection attorneys and judges don't care about what the law says anyhow. I had a judgment go against me from American Express(supposedly) and I took them to the appellate court (wrong venue - should have gone the Fed Court for all their FDA violations- couldn't afford an attorney and did not know what I was doing) judgment was sustained and now I am being hauled back to court to be interrogated for their belief I am hiding property because they couldn't find anything ( might be because I am broke as is my husband and we don't have anything) Was threatened with "possible arrest" if I don't show since I am being accused of fraud now! Scumbag debt collection attorneys - I live in Mo.
If she was authorized to sign for debt on behalf of the business then the creditor may be successful if it can prove that in court. The answer also depends on how the property is titled and how the business has been set up. You haven't provided enough detail.
Face your judgments using valid arguments, and have your name clean again.
To open an equity line of credit you need to discuss your needs with a lender. The lender will then obtain your information and run a credit check. If you pass the credit check, the lender will then make sure your property is free and clear of any judgments and/or liens. After the property is found to be free and clear, the lender will allow you to take out an equity line of credit loan against the property.
No, a civil judgment item on a credit report typically remains on record for seven years. Once this period has elapsed, the entry is usually removed, and the judgment is considered satisfied. After the seven-year mark, it's unlikely that the judgment can be reopened for deposition solely due to its presence on the credit report.
Evictions do not appear on credit reports unless the person is sued and a judgment is entered against them. Judgments remain on a credit report for 7 eyars. Many judgments are renewable and can therefore remain indefinitely.
for the purpose of business working capital bank sanction against property and stock+debtors-credit = cash credit
Some are secured, some are not. A Home Equity Line of Credit is secured by real estate (a residence or property) A business line of credit may be secured by a stake in the business or lien against equipment or inventory. Business lines may also be unsecured. Personal or "signature" credit lines are unsecured.
I read here http://web.co.wake.nc.us/courts/judgments.html that "judgments are valid for ten (10) years and are generally awarded for a specific sum of money. Before the expiration of this ten (10) year period, an action may be brought on the judgment which has the effect of renewing the judgment for an additional ten (10) years. Judgments act as a lien against any real property owned by the defendant, which means the plaintiff has the legal right to sell that real property at any time and a defendant must pay the judgment against him/her in its entirety prior to selling that real property themselves. Additionally, judgments are usually detected by credit reporting agencies and can severely impact an individual's credit rating."
Answer: If your credit card company obtains a judgment against you they may take any property of value that they can find.
What are the possible consequences of not being able to pay monetary judgments against you.
When an eviction judgment is placed against a person by the judge it is picked up by credit bureaus. Judgments for evictions are the same as those of lawsuits. There may or may not be any money involved.
Judgments will stay on your credit report for up to 7 years whether paid or not. You can dispute your judgments to the credit bureaus by sending dispute letters to each of the credit bureaus. The credit bureaus will have to investigate the items and if they are paid they have a greater chance of being removed.
In Texas, civil judgments can appear on your credit report for up to seven years. However, if the judgment remains unpaid, it can continue to negatively impact your credit report until it is resolved. It is important to address any civil judgments promptly to avoid long-term credit consequences.