Yes, the creditor or more likely a collector who buys the account can file a lawsuit against the debtor. If the plaintiff (collector) wins the suit, they will be awarded a writ of judgment. A judgment can be used to garnish wages, levy bank accounts, place liens against real property or liquidate nonexempt property owned by the debtor.
A lien cannot be placed against an individual in reality. However, a judgment creditor such as a credit card company can place a lien against real property owned by a judgment debtor. The judgment creditor can take other steps as well to collect the debt, an example would be income garnishment.
When a person is taken to civil court (for example, a credit card company suing a cardholder to get paid back), the court makes a judgment for or against the plaintiff (entity initiating the lawsuit, in this example, the credit card company). If the judgment is for the plaintiff, the result is effectively a judgment against the defendant (the person taken to court in the example). Part of the judgment is the amount that is to be paid to the entity winning the court case (judgment). Judgements against a borrower (and the amount set to be paid by that borrower) will make their way onto the credit report and will cause a drop in credit score.
Yes, if they file suit and receive a judgment the creditor can execute the judgment as a lien against the debtor's property.
Umm I dont think so!!!
After the creditor wins a lawsuit and has been awarded a judgment against the debtor and then files the judgment as a wage garnishment action.
Answer: If your credit card company obtains a judgment against you they may take any property of value that they can find.
Yes.
A lien cannot be placed against an individual in reality. However, a judgment creditor such as a credit card company can place a lien against real property owned by a judgment debtor. The judgment creditor can take other steps as well to collect the debt, an example would be income garnishment.
When a person is taken to civil court (for example, a credit card company suing a cardholder to get paid back), the court makes a judgment for or against the plaintiff (entity initiating the lawsuit, in this example, the credit card company). If the judgment is for the plaintiff, the result is effectively a judgment against the defendant (the person taken to court in the example). Part of the judgment is the amount that is to be paid to the entity winning the court case (judgment). Judgements against a borrower (and the amount set to be paid by that borrower) will make their way onto the credit report and will cause a drop in credit score.
Yes, if they file suit and receive a judgment the creditor can execute the judgment as a lien against the debtor's property.
Yes - the refund is an asset - which the card company can use to offset your debt !
Umm I dont think so!!!
After the creditor wins a lawsuit and has been awarded a judgment against the debtor and then files the judgment as a wage garnishment action.
A person's wages can not be garnished unless a judgment is obtained in court against that person. People get sued all the time for credit card debt. Once the credit card company gets a judgment, then they can garnish wages.
It means that you have that on your credit report for 8 years and that they have the right to collect the judgment from you.
Yes, if the lender sues the debtor and receives a judgment award, the judgment can be executed against personal or real property owned by the judgment debtor.
Well, to start with a judgment stays on your credit for a minimum of 10 years until you pay it off. It could have an impact on your ability to buy a home, a vehicle, get other credit cards, etc.