Yes they can
I've had an unemployment overpayment in Iowa for nearly 10 years and have never had any of my wages garnished.
If the debtor has made no attempt to collect such bills in the three years, the courts do not recognize it as a debt.
I recvd a granishment on an employees wages- the judgement was filed 7 years ago, is this past SOL ?
Possibly up to 7 years.
100% can be garnished and for as many years as it takes to repay the debt.
After the mobile home is repossessed they will try to sell it. You will be liable for the difference of what you owed less what they got for it. They can sue you for that amount and if they win a judgment against you they can place liens on property or your person, sieze bank accounts and garnish wages. Wages cannot be garnished in TX, PA, NC, or SC. No debt EVER just 'goes away' and its presence or absence from your credit reports does not alter attempts to collect a debt.
If you are more than 1 payment behind rest assure it will be repossessed. The way to prevent this is to catch up on your payments ASAP. Default on the loan agreement you signed, and they will repossess the vehicle. They will then sell the vehicle and you will pay the difference in what the vehicle sells for and the balance left on the loan. They will sue you for the balance, and you will pay. Your credit will then be ruined for 7 years. Avoid this if there is any way possible. Talk to the lender and see if something can be worked out. You do not want the car repossessed.
yes it has a 10 year limit
If you are in DEFAULT of the contract, the collateral can be repoed.
No. They can repossess their collateral (the car which was repossessed), and they can send a collection agency to hound you for money, but they can't confiscate your property.
On ordinary bad debts no, however since wage garnishments are an act of the courts you must be talking about a 10 year old judgment, which can come back to bite debtors in the behind up to 20 years later.
Brian, were you the co-signor on the loan??? Otherwise, NO. How could you be responsible for someone else's debt? YOU would have to sign the loan. Sounds like a collector trying to smoke ya...
If you have saved up the cash to make a lump sum payment of half of what you owe, why did you not use the money to pay off your debts before you got creamed with interest and collection costs? And if, as I suspect, you do not have the money, who do you imagine would be insane enough to lend money to a deadbeat like you? My advice is to pay what you owe from your wages and never borrow money from anyone ever again.
The balance remaining after a repossession will remain due for a minimum of seven years after the vehicle was repossessed or ten years in the event of a judgment. Also in the event of a judgment, an additional ten years can be requested by the lender. Here is another secenario: the vehicle is repossessed and the debtor refuses to pay. The lender can opt to seek a judgment for the outstanding balance, or the lender can wait for 6 years, 11 months before doing so. This in essence give the lender 17 years to collect the debt. Now say the debtore continues to refuse to pay; the lender can then seek that ten year extension, given them 27 years to collect. In addition to the unpaid balance, the lender can add on repossession fees, collection fees, court costs, and legal fees, and in some states simple interest. That $1000.00 you owed when the vehicle was repossessed can quickly turn into $20,000.00 or more. The lender is not going to sit by and let that remain uncollected. Once the judgment is obtained, the rules for collecting change as well. With the judgment, the lender can attach your bank accounts, garnish your wages, place liens on other property, petition the court for forced sale of other property, and attach your income tax returns.
If papers are filed and DNA proves you are the father of a child your wages WILL be garnished $150 -$400 based on your earnings until the child is 18 years old, emancipated or it is deamed by courts you pay until they graduate from college or 25 years old whichever comes first.
If your son in behind on his child support payments many states have very aggressive laws for collecting past due support. My wages began getting garnished for support last year and I had never missed a payment in 12 years prior. Then a few months ago my employer had a mix up in the accounting department and they didn't release my wages for child support. By the end of the following month I had a letter from the state telling me my tax return would be garnished for the past due support. Fortunately my employer corrected the problem and paid the past due support and interest immediately, and the state quickly sent another letter saying they would no longer make the tax return garnishment.
A credit report is a record of all transations on a reported account. In the life of a vehicle loan, many things can happen. Over the typical four to five years, the vehicle may have been repossessed and then redeemed and paid off. In these cases, yes, repossession and settlement can show on the same vehicle, on the same credit report.
You dont HAVE to pay anything. You may not get credit in the future because you dont pay. It will be on your CR usually for 7 years. Depending on where you live, if the lender gets a judgement, they could garnishee your wages.
My fiance is currently having his wages garnished from Washington State while he is employeed in the State of Texas. He isn't employeed by the State but with a private business in Texas. He lived and worked in Washington State for about 10 years with the garnishment pending before action was taken. If you can get it paid off before they start taking it, that's the way to go.
It adversly effects your credit for 7 years. Except for a Chapter 7 bankruptcy which remains on the report for 10 years, no bad debt can stay on your credit repair beyond 7 years from the date the debt was originated. The law is on your side that it must come off.
Normally your credit is ruined for 7 years.
From expierence, we had a vehicle repossesed over 10 years ago. I don't know if it's legal or not, but the company has been getting money from us ever since. I don't even know how much we still owe, they do not send a statement or anything.