An account is charged off before a judgment. The judgment creditor can execute the judgment against non-exempt property belonging to the debtor as a means to recover monies owed. The preferred method is wage garnishment followed by bank account levy or a lien against real property. It is also possible for the creditor to seize and sell other personal property belonging to the debtor, but creditors are generally reluctant to take such action.
You pay the organization/creditor to whom the judgment was granted.
A credit card debt will be granted a judgment possibly and then the company can pursue you to collect the debt. A garnishment could even be awarded, although this is rare on unsecured debt.
If the collection agency works in tandem with a law firm (which is the case most of the time) then the answer is yes. What does this mean? If a judgment is granted by a judge, then it is the age old saying, pay me now or pay me later. Anytime your credit is ran (over the next 20 years) then it will show and credit will not be granted until the judgment is satisfied. Keep in mind if a judgment is granted interest probably continues to accrue until satisfied. If at all possible, it is best to inter into a stipulation agreement with the firm and work it out.
A judgment is not granted until the suit is heard and the plaintiff prevails. The amount of time that a judgment remains on a credit report (7 years) has nothing to do with the length of time that a judgment is valid and can be enforced. The best option is for the defendant to discuss the individual circumstances with a qualified attorney.
You will lose the case, and may be charged with failing to appear or contempt of court.
Charged out means you cant charge any more on your card, & the furer implications it will have is it will slowly make your credit bad credit till you pay your credit card off where their is no more out standing balanc.
Only if the credit card is assigned to the business as a company card.
They can file a lawsuit and if they win (which they probably will) be granted a writ of judgment. The writ can then be executed against any nonexempt property, or as a bank levy or wage garnishment.
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, and its always against you
No, a credit card company will not reopen a charged off account. They may choose to grant you a new line of credit, but this would be rare.
Answer: If your credit card company obtains a judgment against you they may take any property of value that they can find.
The outstanding balance is very simply the amount of debt that you have charged on the credit card. You owe that amount to the credit card company.
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.
Credit card companies have different requirements and qualifications. If you don't have enough proof that you can pay any loan that you will make through your credit card, your application will not be granted.
Summary judgment is granted when there is no dispute as to any of the material facts in the incident that caused the lawsuit so that, as a matter of law, one party or the other is entitled to judgment as a matter of law. In a suit on a credit card bill, if the defendant does not dispute that he is responsible for the full amount claimed by the credit card company, but just won't pay it, the plaintiff is entitled to summary judgment without having to go to trial because the defendant admits the debt. There is no genuine issue of material fact that has to be resolved by trial. Now if the defendant denies that he is responsible for all or part of the debt (for instance if the card had been stolen and charges were billed for purchases not made by the defendant but the credit card company does not believe him) there is an issue of material fact that has to be determined at a trial. The issue is did the defendant actually make the charges or not. Summary judgment cannot be granted as long as there is a genuine issue.
You are not usually charged a fee for using your credit card. HOWEVER - the fees charged to the retailer by the credit card company, will covertly be passed on to all customers by charging more for their products !
In this state a credit card judgment can not put a lien on a house. Other answers indicate that in other places it can. You will need to find out about the law in your area.
...you...my...?When I die, your credit card companies have absolutely nothing to do with the situation.When I die my credit card companies will take whatever I owe them.
The short answer to this question is YES.