The creditor has won a lawsuit judgment against the debtor(s) and can execute the judgment against any nonexempt property belonging to the debtor(s). The preferred method of judgment execution is wage garnishment followed by bank account levy, or seizure and sale of nonexempt property or a lien against real property. North Carolina, South Carolina, Pennsylvania and Texas do not allow wage garnishment for creditor debt. The exception is Texas where the court can grant wage garnishment if the debtor has no other property for which the judgment can be executed against. Married couples living in community property states are both usually responsible for debts incurred during the marriage regardless of which spouse is the account holder or borrower.
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.
Only if the credit card is assigned to the business as a company card.
yes, and its always against you
Answer: If your credit card company obtains a judgment against you they may take any property of value that they can find.
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.
The short answer to this question is YES.
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.
They go before a judge and explain how the payment for that credit card was not made and what is owed including collection costs. The cost of judgment is then added to the total and that becomes the collectors judgment. That stays on your credit report for a long time so avoid!
can a credit card that has won judgment against you seize other credit cards that are in good standing
READ YOUR CREDIT CARD AGREEMENT If you fail to pay your credit card, you defaulted on the loan, it will go to a debt collection agency, and you can be taken to court by the credit card company, resulting in a judgment against you.