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What if I don't have any assets and I have a judgment against me?
Wiki User
∙ 13y ago
The judgment continues to sit on your credit report. In some cases, the person or company that was awarded the judgment on you can file paperwork to have your wages garnished and/or have any property that you have in the future held (titles) so you cannot sell them until the debt is repaid. That is uncommon though. In most cases, the judgment just sits on your credit, continuing to make it worse. You should pay your debt.
Wiki User
∙ 13y ago
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What assets or money can be taken from us if a judgment has been made against us to collect unpaid rent for a business we had to close?
It depends on the details. If the business was incorporated and the judgment was against the corporation the creditor can only take business property and assets. If you owned the business as individuals then a judgment creditor can take any of your assets to satisfy the judgment: bank accounts, vehicles, boats, equipment, real property, etc.
What assets can you lose if judgment is over your auto limits?
In a civil case and once a judgement is issued against you, any assets, including bank accounts, you have may be repossessed by the sheriff's department during the course of enforcing that order.
What action can a lender take after a car is repossessed against the borrower?
After the sale of the vehicle if there is a difficency balance the lender can file a judgment for the difference. Depending on the jurisdiction of the judgment the process used to try to collect on the judgment varies. First you must determine what assets the person has if any, and then that will determine your course of action. If the person has no assets then you're just wasting time and money although they may obtain assets in the future. In some jurisdictions you must renew a lien or judgment every two years.
What can a lender attach after a deficiency judgment has been issued against you and how far back if at all can they go to attach assets that have been disposed of?
In most jurisdictions the bank can attach any other assets you have. They cannot attach assets you transferred LEGALLY prior to this action unless the transfers were made for the purpose of avoiding creditors. If that was the case they can seek a judgment to capture the property so transferred.
What happends if you dont pay a civil judgment?
I sense that someone has filed a bogus claim against you and that either one of two things happened afterward. (1) A default was entered against you or (2) After trial the judge or jury ruled against you. Either way there is a judgment against you that you believe to be false. There is a matter of collection as a result. Be the judgment good or bad, simply sitting by and doing nothing may result in your wages being garnished, your assets and bank acounts attached or any inhereitence attached, perhaps other things depending on your state. You need to seek legal counsel about whether the judgment against you is legally void and if so, how get relief from it, if such relief is available in your state.
When a creditor has sold your account can they later put a judgment against you for that debt?
A third party collector generally attempts to collect or settle on the debt by using conventional means, such as mail and telephone contact. They can file a lawsuit and if they prevail they will be awarded a writ of judgment which can then be executed against any non-exempt property that is owned by the judgment debtor. Some methods of collecting a judgment are wage garnishment, bank account levy, liquidation of non-exempt assets, liens against real property. The laws of the judgment debtor's state determine how and what property can be protected from creditor attachment.
If a judgment was filed in New York against your husband in his name only and you reside in Florida but everything you own is in both your names even your home can they place a lien on your home?
Yes, a lien can be attached to any of your husbands assets.
What does it mean when SBA or the bank wins judgment against your assets?
The plaintiff may now demand that a bank or broker freeze your accounts, and that a sheriff of marshal seize accounts or other property. The plaintiff may also file a lien against any recorded property, such as real estate. If the assets are hard to find, the plaintiff may require a deposition called a debtor's examination to require you to disclose your assets. Certain assets may be protected from seizure by federal or state bankruptcy laws.
What happens if someone sues you and you do not have any money or assets?
The defendant(s) would be considered to be "judgment proof" (legal term execution proof). This means the person has not property that can be seized nor wages or bank account(s) that can be garnished by creditors for repayment of the debt. It is not uncommon for a lawsuit defendant to be "judgment proof", the creditor can still record the judgment in hopes that the debtor will not always remain in his present economic status.
What can a credit card company attach if a judgment is found in their favor?
Any assets you have such as property, automobiles, bank accounts or wages.
If a person has an IRS lien against them are they considered a convicted felon?
NO. A lien is nothing more than a public record that notifies other creditors that the IRS has a security interest against the Taxpayer's assets. The IRS can file a lien without ANY judicial review. And it's a civil matter, not criminal. It is similar to having your credit card company file a judgment against you for not paying (except they at least have to go to court to get a judgment).
You recently got married found out your husband had a civil judgment against him since 2004 on his credit report from a past credit card now you are filing taxes together and you owe property will t?
Any shared assets, property or bank accounts, would be subject to attachment from this judgment. For real estate, the judgment would come up in a title search, and any profits from a sale subject to repay that obligation. With banking accounts, the judgment holder could file for garnishment or levy, but they would have to know the bank account details in order to take such actions. Best suggestion is to be safe with holding any shared assets, since once it touches his name its chum for the sharks.
