Doesn't it have to do with the laws of the state? In Mo the state is Tenants by the Entirety meaning the husband owns 100% and the wife owns 100% interest, therefore the property is judgment proof if only one spouse has the judgment against them. Prperty can be titled TBE if you live in astste that does not have the same laws as Mo. Probably a lien could be placed on her half of the property but not his if there are no Tenant By the Entirety laws or not set up that way. Not sure about this, but it also seems as if debt collection attorneys and judges don't care about what the law says anyhow. I had a judgment go against me from American Express(supposedly) and I took them to the appellate court (wrong venue - should have gone the Fed Court for all their FDA violations- couldn't afford an attorney and did not know what I was doing) judgment was sustained and now I am being hauled back to court to be interrogated for their belief I am hiding property because they couldn't find anything ( might be because I am broke as is my husband and we don't have anything) Was threatened with "possible arrest" if I don't show since I am being accused of fraud now! Scumbag debt collection attorneys - I live in Mo.
If she was authorized to sign for debt on behalf of the business then the creditor may be successful if it can prove that in court. The answer also depends on how the property is titled and how the business has been set up. You haven't provided enough detail.
Face your judgments using valid arguments, and have your name clean again.
To open an equity line of credit you need to discuss your needs with a lender. The lender will then obtain your information and run a credit check. If you pass the credit check, the lender will then make sure your property is free and clear of any judgments and/or liens. After the property is found to be free and clear, the lender will allow you to take out an equity line of credit loan against the property.
Many judgments are "renewable". You should consult the laws of your state of residency. Many judgments such as liens against real property are valid for 20+ years.
Evictions do not appear on credit reports unless the person is sued and a judgment is entered against them. Judgments remain on a credit report for 7 eyars. Many judgments are renewable and can therefore remain indefinitely.
Some are secured, some are not. A Home Equity Line of Credit is secured by real estate (a residence or property) A business line of credit may be secured by a stake in the business or lien against equipment or inventory. Business lines may also be unsecured. Personal or "signature" credit lines are unsecured.
for the purpose of business working capital bank sanction against property and stock+debtors-credit = cash credit
One can find information on credit card debt judgments on the Nolo website. Additionally, one can find information on credit card judgments on websites such as AskDoctorDebt or ConsumerRecoveryNetwork.
Answer: If your credit card company obtains a judgment against you they may take any property of value that they can find.
Judgments will stay on your credit report for up to 7 years whether paid or not. You can dispute your judgments to the credit bureaus by sending dispute letters to each of the credit bureaus. The credit bureaus will have to investigate the items and if they are paid they have a greater chance of being removed.
Judgments do not have a statute of limitations on a credit report. They will stay on until they are paid off or satisfied.
Civil judgments can appear on your credit report 7 years from the date they were filed.
When an eviction judgment is placed against a person by the judge it is picked up by credit bureaus. Judgments for evictions are the same as those of lawsuits. There may or may not be any money involved.
I read here http://web.co.wake.nc.us/courts/judgments.html that "judgments are valid for ten (10) years and are generally awarded for a specific sum of money. Before the expiration of this ten (10) year period, an action may be brought on the judgment which has the effect of renewing the judgment for an additional ten (10) years. Judgments act as a lien against any real property owned by the defendant, which means the plaintiff has the legal right to sell that real property at any time and a defendant must pay the judgment against him/her in its entirety prior to selling that real property themselves. Additionally, judgments are usually detected by credit reporting agencies and can severely impact an individual's credit rating."
What are the possible consequences of not being able to pay monetary judgments against you.
A person becomes a credit risk for many reasons. A loss of employment, late payments, too much debt to income, and judgments against the person.
Well the report will show you had judgments and now a bankruptcy. The judgments, if cleared by the bankruptcy, won't be reported as current any more. In a Chap 13 payment plan, the judgments still exist currently as the bankruptcy is not complete or eliminates them. They just can't take the property or such it may be attached to. Understand, the credit report is just a historical record of your business provided by a private reporting company for it's clients. You can't change the past you created...that you had judgments and debt...the BK may resolve the debt, as paying them would too, but the late payments, etc. and what occurred, including the discharge by BK meaning you did not make good on your obligation and the lender lost out, is the record.
The advantages of a secured line of credit is that one will get a lower rate of interest as the credit is secured against a property or business. It can also be beneficial to businesses as it is continually available without the need for re-applying each time an expense or opportunity occurs.
You cannot have liens or judgments removed unless you write the credit bureaus and give them a copy of your discharged bankruptcy. Some liens and judgments will not need to be paid but will still remain on your credit report.
Unpaid property taxes in Florida result in sales of Tax certificates. I have found that the liability is against the property and unpaid taxes are satisfied by a lien against the property. I can't find anywhere the answer as to whether the Taxpayer is not reported to the credit bureau. it seems to me that since counties get the money a different way (investor in the tax certificate) they are not at loss and because the liability is against the property, the owner of the property's credit is not affected? Can someone confirm? Tx CB, Ormond Beach, FL
Credit means extending periodic payment against sales by the seller to a buyer/customer. In business, you cannot always expect cash and you are to extend credit to your customers to remain in business. In the broader sense, banks extend various types of credit to business houses to meet up their multipurpose requirements.
You will need a property and casualty license. Now, after saying that ... you should check with the Georgia Insurance Commissioner. I nave been licensed to sell business credit insurance in 5 different states - they all required property and casualty licenses. In most cases very few people knew what business credit insurance is. Be very careful to specify that you are wanting a license to sell Business credit insurance (as apposed to consumer credit insurance e.i credit life insurance).
Yes, liens against real property are very damaging to one's credit score and can make it difficult to obtain future credit.