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Is it legal for a creditor not to accept the full payoff of a judgment choosing to keep it on your credit report with no intentions on executing it?
Wiki User
∙ 18y ago
It's not illegal for a creditor to refuse payment in full, but it would be a very unusual for them to do so. A possible problem might be that the debtor is attempting to make an agreement to pay the account or judgment if it is removed from the person's CR, however, that is not possible. An account that is paid in full that contains adverse information will remain on the credit report for the required seven years and be noted as "paid as agreed" or "paid in full". A creditor or collection agency cannot have the account removed from the report once the entry has been made. A paid judgment will also remain on the CR for the required seven years even though it has been paid.
Wiki User
∙ 18y ago
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What is a filed judgment?
It indicates the creditor plaintiff has won a lawsuit against the debtor defendent and a judgment has been entered in favor of the creditor. The creditor can enforce the judgment in accordance with the laws of the debtor's state of residency. The preferred method of executing a creditor judgment is wage garnishment, followed by bank account levy, a lien against real property owned by the debtor or the seizure and sale of nonexempt property owned by the debtor.
Can a person's wages or bank account be garnished for credit card debt in Texas?
The creditor would need to obtain a lawsuit judgment from the Texas court before wage garnishment would be allowed. Texas only allows garnishment of wages when there are no other means for a judgment creditor to collect a debt owed. If a judgment has already been entered against the debtor in a different state, the judgment creditor can place a "foreign" judgment lien against property owned by the debtor.
If you have a judgment against you and cannot pay it all can you settle for less than what is owed?
The party involved can try to negotiate a settlement, but it's unlikely if a judgment has been awarded. Once a judgment is in place the creditor has several options for executing it for payment of funds owed. If the debtor is gainfully employed the creditor will probably enforce the judgment as a wage garnishment and collect the entire balance of the debt.
Can they credit card companies sue you and take your Social Security Insurance?
A creditor can file a lawsuit against a debtor who has defaulted on a contract. But, all Social Security benefits are exempt under federal law from creditor garnishment. This does not mean that if the creditor sues and receives a judgment against the debtor they will not have other means of executing the judgment to recover the debt owed.
Can credit card debt put a lien on your taxes?
Yes, if the creditor obtains a judgment lien in court.Yes, if the creditor obtains a judgment lien in court.Yes, if the creditor obtains a judgment lien in court.Yes, if the creditor obtains a judgment lien in court.
What if the creditor that enters the judgment sells the account to a new company and the old creditor didn't assign the judgment to the new creditor How do you pay off your judgment?
Make your payment to the clerk of courts office in the county your judgment was entered in.
Can a creditor with a judgment levy a Montana bank account?
Yes, in most cases such such action is possible by a judgment creditor.
How do you pay off a court judgment from a credit card company - pay the court or the lawyer for the creditor or the creditor directly?
You pay the organization/creditor to whom the judgment was granted.
Who is the grantor in an abstract of judgment?
In an abstract judgment the grantor is the judgment creditor. The grantee of the abstract judgment is the judgment debtor.
What does it mean to be in danger of judgment?
Means a judge's order you must pay a creditor. A creditor with a judgment can have your wages garnished to repay the debt.
What does a judgment mean on an unsecured credit card?
It means the creditor has won a lawsuit, been awarded a writ of judgment and can execute the judgment against non-exempt assets and property as defined by state law that belongs to the judgment debtor. The preferred method of executing a judgment is by wage garnishment, followed by bank account levy, the seizure and liquidation of non-exempt property and liens against real property. The state exemptions allowed for personal and real property when properly used can give the defendant/debtor considerable protection against the enforcement of a creditor judgment.
How do you find a debtor's bank account information when you have a judgment against them?
One of the difficulties a judgment creditor has is executing the judgment. The court will not assist the creditor in finding assets belonging to the debtor unless the creditor has filed and been granted a motion of discovery. The options for finding a debtor's bank account are somewhat limited unless the creditor has a copy of a check or the name of the banking facility. One method is to call bank branches that are closest to where the person resides and see if you can persuade the bank to tell you if the person of that name banks there. Be advised, the bank has no legal obligation to impart the information (and they seldom will) unless they are presented with a court order.
