An action for debt where indebtedness is evidenced by or founded upon a contract in writing executed within the state shall be commenced and prosecuted within six years after the cause of action accrues, and not afterward.
The debt is NOT forgiven. See link below. ArizonaRevisedStatutes
They can take whatever the security for the loan was. For example, if you have an auto loan, they can repossess the auto. If you have a home loan, they can repossess the home. If the loan was a recourse loan and the value of whatever was repossessed was less than the amount still owed on the loan, they can get a deficiency judgment in a court of law. If the court grants a judgment, they can they take other assets.
Arizona allows deficiency judgments, but there is one exception that allows many homeowners facing foreclosure to avoid this worry. Purchase money mortgages on one- or two-family homes on less than two-and-a-half acres will be denied deficiency judgments. However, a deficiency judgment in any case may be allowed if a court finds that the homeowners committed waste. Ariz. Rev. Stat. sections 33-741 to 33-749, 33-801 to 33-821, 12-1281 to 12-1283, 12-1566
Yes, and quite often they are. It is not uncommon for vehicles to be repossessed while the family who owes on them are on vacation. I've sent agents after vehicles in Arizona and Florida for cars that were registered in Michigan, Indiana, or Ohio.
The state of Arizona will let you sell four vehicles annually without a dealer license.
If the lender repossessed the car while case was pending and you were protected by the automatic stay, the repossession was illegal and you should be able to get the park back by filing the proper motion with the court. If the case is over, you need to make the payments and have adequate insurance to keep the car if you did not sign a reaffirmation agreement. If they legally repossessed the vehicle and sold it, you are out of luck but you are free from paying any deficiency. Consult an Arizona attonrey to determine if the seizure was legal under the laws of your state.
I thought that Arizona was a non-deficiency state, but when the bank accepted my offer they alerted me that they would be coming after me for the difference between the sale price and what I owe (which is over $100k). They said that if the house was sold for less than 90% of what you owe, than they have authorization to come after you for the deficiency.
The laws in each state vary for the requirements on the assignment of judgment. One particular requirement in Arizona is that a notary must be present when the plaintiff signs the form, or the plaintiff must be in a clerk's office.
The State where the judgment was entered, the State where the child[ren] live and the State where the obligor lives all have jurisdiction to enforce such a judgment.
I called the Arizona Motor Vehicles Department and asks them. The operator put me on hold and came back and said, "No".
This would be best answered by a good bankruptcy attorney who knows Arizona law. I believe no matter what you do bankruptcy or not, they will get the car, it does not wipe your credit clean.
Yes, if they win a lawsuit against the debtor and receive a writ of judgment they can execute said judgment as a wage garnishment.
Absolutely!!! That is the only type of loan that it applies too and it must be primary residence.
Yes. Not if the judgment was for a case involving fraud. And the state doesn't make any difference, unless there is a state bankruptcy procedure that you are using.
Arizona has anti-deficiency laws - specifically, A.R.S. §§ 33-729(A) and 33-814(G) - that prohibit purchase-money lenders from collecting on a deficiency. However, the bad news is that the anti-deficiency protection often does not apply to second mortgages, equity lines of credit, some refinanced loans, etc. In those exceptions, generally the only relief is achieved through bankruptcy.
no age, its ur judgment to descide and if the child get injured its your responsibility
Written contracts: 6 years, runs from date creditor could have sued account. Oral debts, stated or opens accounts: 3 years. Actions for fraud or mistake: 3 years from the date of the discovery of the fraud or mistake. Actions involving fiduciary bonds, out of state instruments and foreign judgments: 4 years. NOTE: Arizona applies its own statute of limitations to foreign judgments rather than that of the state that originally rendered the judgment whether the judgment is being domesticated under the Uniform Enforcement of Foreign Judgments Act or pursuant to a separate action on the foreign judgment. An Arizona judgment must be renewed within five years of the date of the judgment.
Pay it through the court and get a receipt!
Well, you'll need to travel, otherwise you'll be arrested.