Execute the judgment in accordance with state law. Some of which can be garnishment of wages, levy of bank accounts, liquidation of non-exempt property belonging to the debtor, liens against real property such as a house. In RARE instances depending on state law, homestead exemption protection, titling of the house and so forth, a lien can be used to implement a forced sale of the home.
After the creditor wins a lawsuit and has been awarded a judgment against the debtor and then files the judgment as a wage garnishment action.
If you are served with lawsuit papers from a credit card company, contact an attorney immediately. If you wait, your time to answer the petition will expire and depending on the state you live in, that credit card company can obtain a default judgment to garnish your wages or your checking/savings accounts.
Yes, a lawsuit by a debt collector can affect your credit score. If the debt collector wins the lawsuit and obtains a judgment against you, it may be reported to the credit bureaus, which can negatively impact your credit score.
If someone owes you money, you can not put a notice on their credit report of an upcoming lawsuit. A judgment must be entered in court, before it can be reported to a credit report.
When a person is taken to civil court (for example, a credit card company suing a cardholder to get paid back), the court makes a judgment for or against the plaintiff (entity initiating the lawsuit, in this example, the credit card company). If the judgment is for the plaintiff, the result is effectively a judgment against the defendant (the person taken to court in the example). Part of the judgment is the amount that is to be paid to the entity winning the court case (judgment). Judgements against a borrower (and the amount set to be paid by that borrower) will make their way onto the credit report and will cause a drop in credit score.
Simplified version: File a lawsuit, win the suit, receive a writ of judgment, execute the judgment as a wage garnishment against the debtor/defendant. The average length of time from the filing to the hearing of a creditor vs.debtor lawsuit is 15 months.
An eviction lawsuit is public record and a judgment evicting you from a rental property will be a negative entry on your credit report.
A judgment on your credit report conveys the decision of a court concerning a lawsuit. Amounts owed to the creditor are described in the judgment. A lien on a credit report expresses the legal right of one party to keep possession of property belonging to another party.
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.
The winning plaintiff can request a judgment be entered on the defendant's credit report by filing a copy of the judgment with the credit bureaus. This can negatively impact the defendant's credit score and make it difficult for them to obtain credit or loans in the future. Judgments typically stay on a credit report for a certain number of years, depending on the jurisdiction.
Yes, if a creditor wins a lawsuit and is granted a judgment, said judgment can be enforced as a bank account garnishment. A joint account (even a marital one) is subject to attachment to the extent of the debtor's share.
The short answer to this question is YES.