Best Answer

A judgment occurs when a creditor takes you to court, sues you, and wins his case against you. The creditor must do this before the statute of limitations has expired for the original debt. Typically, the court will try and contact you via mail, but they do not need proof that you were contacted, and you do not have to be present for your creditor to win. The creditor only has to provide proof that the debt is owed. You want to avoid this at all costs; for it is after a judgment is issued that a creditor can seize bank accounts, assets, or garnish wages. In addition, it is easy to renew a judgment once its statute of limitations has passed. In effect, if the creditor is diligent about his renewals, you could find yourself in the position where a judgment against you never expires. A judgment will drop off your credit report after seven years, but your creditor can hound you until the debt is paid.

User Avatar

Wiki User

โˆ™ 2015-07-15 21:21:16
This answer is:
User Avatar

Add your answer:

Earn +5 pts
Q: Do you still owe the money if a lawyer buys a 7 year old repossession account and how will it affect your credit?
Write your answer...

Related Questions

Can a lawyer get a repossession off your credit?

If the account contains any incorrect, incomplete, misleading, erroneus, or misleading information, the repossession may be deleted from your credit report. But you do not need to hire a lawyer and pay thousands of dollars. You can hire a credit repair service which will be a lot more cost effective.

If a couple is married and the mortgage is only in the husbands name will a foreclosure affect the wife's credit?

I hate to sound like a lawyer, but it depends. If you have separate credit reporting accounts, it may affect the wife's credit slightly. If there is only a joint credit account, yes, it will affect the wife's credit the same as the husband's. You can ask the 3 major credit reporting agencies (Experian, TransUnion and Equifax) to separate out your credit histories. If the foreclosure has already started, it may be too late. Get a free credit report from each (once each year) at

Who do you turn to for repossession advice on your home.?

A lawyer...only and always.

Pertaining to this answer Who will be responsible for the lawyers fees?

If you have a repossession then the lawyer fees will be charged to you.

How can you get a repossession cleared from your record?

I'm not a lawyer, but speaking from experience, time is the only thing that clears your credit history of negative events. Repossessions take almost seven years to come of your record.

Can i sue the bank for wrongful repossession?

You need proper lawful advice from a lawyer.

How do you find out how much the lawyer paid the credit card company for your debt?

Write to the company and ask them ! Even if your case is being handled by a lawyer, your account is still 'live' at the card company.

Does having a checking account improve your credit score?

No, a checking account is not correlated to your credit score. The only reason why you have to give your social security # is to prove that you have no outstanding debt with any other banks. ______________________________________ Actually, there is a correlation. Having a checking account doesn't improve your credit score, but you can be accepted or denied an account based on it. If you have bad credit, or no credit, you may be denied from a variety of bank checking accounts. I was told by my lawyer it does improve your credit if you keep your checking account in good standings he said the bank report it monthly to the crdit bureaus thats just what i was told

Can a repossession man come inside work and harass you?

The repossession man must obey the laws pertaining to the country in which you live. If you need help or advice, contact an attorney (a lawyer).

If you refuse to pay a doctor referred by a 'if we do not win you do not pay' lawyer who took a car accident case will it hurt your credit?

Is the doctor going to turn the account over to a collection agency? A collection account would hurt your credit. Is the collection agency going to sell the account to another agency, thus extending the time period it shows on your credit report? If they do, it could hurt your credit for an even longer period of time.

Landlord lawyer opened my credit file without my consent wat can I do 2 have them remove it?

If a landlord lawyer opens your credit file without you saying so all you can do is go to another lawyer and see what they can do. There is not a lot that you can do to a lawyer.

What does a credit lawyer do for one?

Credit lawyer is an accredited lawyer who helps people to deal with their debts and sort their financial troubles. He can serve as both,a negotiator in debt-related problems with creditors and help to deal with lawsuits.

If a lawyer has your charge off account and you've been paying on time do they have to update your information with the Credit Bureaus?

They are legally obligated to update your credit report when the account is paid off completely. In the meanwhile, if you have been denied credit because the balance is showing higher than it should be, can you request a copy of your credit report (and it will be free) and can dispute the balance. The offending company will have 30 days to answer your dispute or it will be removed from your record.

What exactly does a Visa lawyer do?

"A Visa lawyer is a lawyer who works for the credit card company visa. Their job is very simple. They are suppose to help you with any banking and credit problems you have. Or if you're booking a vacation or moving, they help."

Can you pay for a lawyer using a credit card?


Can a lawyer look into your checking account?

No one, not even a lawyer, can look into your checking account (or any of your bank accounts) without your permission or a court order.

How can one contact a credit repair lawyer in the Chicago area?

If you are searching for a credit repair lawyer in the Chicago area then you will discover a large selection available and many of them have online websites. AVVO, Chicago Money Lawyer, and Windy City Lawyer are just a few of the websites available.

How do you find a lawyer in pa who does repossession cases?

Any collections, debt, or civil law attorney should be able to handle a repossession case. The cheaper route might be to contract a collections agency or a small locale repossession company. You can find these in your local yellow pages under collections agencies.

What is repossession laws in Utah?

People can repossess in certain circumstances. Those circumstances depend on other circumstances. If you have a legal problem consult a lawyer

What happen if you sold your car after you took the car loan?

After your vehicle is repossessed by the lender, they can put it up for sale, but, you have a time period to redeem it, paying the amount in arrears, plus collection costs.Upon repossession, you have the right to recover any personal items in the vehicle.The lender can sell on the bank lot, or at auction, and then sue you for the remainder of the loan and costs, not collected at sale. The repossession will go on your credit rating (for 7 years).Time periods for actions in a repossession vary by jurisdiction, and, as I am not a lawyer, only a repossession agent in the past, you should consult an attorney or your state Department of Motor Vehicles by phone or visit their website!

Can a lawyer garnish a checking account?

With a court order, yes, they can.

How do i vacate a judgment to unfreeze my bank account?

You need a lawyer.

A lawyer sent you a letter after the account was taken off your credit can they sue you?

Not knowing the specific circumstances it would be difficult to give a definite answer. If the debt is valid and the SOL has not expired a lawsuit is possible. The fact that the entry may have been deleted from a credit report does not necessarily render it uncollectible.

How does one do a bank account search?

The best and most effective way of doing a bank account search is to hire a lawyer. Most companies will not perform bank account or asset searches unless requested by a lawyer or other authorized agents.

Can a credit card companies sue a person in a nursing home?

Do you think credit card companies care where someone lives, or how old they are, or how ill? I doubt it; it is all just business to them. If money was charged, then money is owed. If the money was not charged to this persons account, she needs a lawyer to protect herself.