A judgment is a court order giving a creditor or someone who is owed money (such as money that was borrowed from a friend) the legal right to collect the debt in accordance with the laws of the state. The term "outstanding" indicates the judgment has not been paid or settled, but is still valid. A judgment that has been awarded to the judgment plaintiff but has not been paid by the judgment debtor.
A judgment that has been awarded to the judgment plaintiff but has not been paid by the judgment debtor.
Yes, the lender can file suit for the outstanding amount and if they receive a judgment they can execute the judgment in the manner in which the laws of the judgment debtor's state allow.
An outstanding judgment is a court order that gives a creditor the legal right to collect from a debtor. As court judgments are a matter of public record, a creditor can report the judgment on the debtor's credit reports. An example of a judgment placed on a credit report would be a judgment for eviction. This judgment will remain on the credit report for seven years from the filing date.
Yes, in the majority of U.S. states unemployment benefits are not exempt from creditor judgment action. The usual amount is 10% of the expendable income.
In the US, a student loan collection company that is garnishing your wages will already have a court judgment against you. You can get out of the judgment and garnishment by consolidating your loans. Click the link at the bottom of this text box to get help with the consolidation of your loans.
Yes, if you have a judgment against you the money you owe can come from any source that you may have.
Yes, all reputable lenders will require the applicant to clear any outstanding judgments before considering approval of a loan.
Yes, provided there is an outstanding judgment against you. Without the judgment, neither the agency nor the original creditor has any recourse for garnishment, and will not be able to obtain an order for garnishment.
Placing JudgmentsFirst you need to win the judgment in court proceedings. Then with that paperwork, you can contact the credit reporting agency. With that judgment, you can also do a search of the person's assets (through the internet) and put a lien on the assets.Individuals do not report judgment awards to credit reporting bureaus that is done by independent agencies contracted by the credit bureaus.A judgment cannot be used to access a person's financial and personal information, that is done via discovery documents issued before the judgment is entered against the debtor/defendant.
That answer will vary from state to state. In California, you can collect 10% per year on the oustanding balance. You take 10% of the outstanding judgment and divided that number by 365 to obtain the daily rate of interest. Multiply the number of days since the entry of judgment. Payments are applied to interest first and then to the principle. The interest is not capitalized.
The judgment part indicates that the creditor has won the lawsuit and been awarded a judgment. The collection may indicate that the debt is still outstanding or has been paid. Public means, well simply that. Anyone who is interested can find out the information. For instance if there are delinquent taxes, resulting in a lien against real estate.