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.
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.
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!
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.
can a credit card that has won judgment against you seize other credit cards that are in good standing
No, unless the refund is directly deposited into your bank and the credit card company has a judgment and files a lien on your account. Not legal in many states.
KI on a credit card machine mean?
Yes, a judgment creditor can execute the judgment as a wage garnishment.
If the bank is the one that has the credit card, they can associate the card with the account. This might be a violation of regulation E. However if the bank and the card issuer are not the same, they have to get a judgment and then go to the bank with that.
It means a credit card company wants to put you into debt by giving you a credit card you can use.
7years from date of judgement
Yes, if you were prosecuted for it and a judgment was made against you.
Yes, that is the way a garnishment works. When the credit card company sues you for non-payment of debt, they win a judgment. The judgment can be a garnish on your paycheck or your bank account. It makes no difference who you have a bank account with if they were awarded the garnishment by court.
If you mean a credit freeze, then no, you will not be able to use the card.
In terms of a credit card it means Card Verification code hence CVC.
If the collector sues the debtor and is awarded a judgment the judgment can be executed as a wage garnishment.