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.
No. The creditor can foreclose on the property (and virtually always do) since that is the way they get your name off of the deed and someone else's name on it. And, during this foreclosure, they will list you as a defendant since you are the property owner until the sheriff sale takes place. But, when the judgment is rendered in the foreclosure, it should be an "in rem" judgment, which means against the property only, and not an "in personam" judgment, which means against you personally. If they do get an in personam judgment against you, it is usually a good idea to notify the court and let them know about the bankruptcy so they remove the in personam judgment.
No, debts, liens, judgments incurred after a bankruptcy has been filed cannot be included and therefore cannot be discharged in the BK proceedings.AnswerI was informed that if you had included this creditor in your bankruptcy, which was discharged, the creditor should have stoped all actions towards obtaining a judgment against you. I believe this judgment can be discharged by filing a discharge request with the court administrator and only then removed from the credit report. However, if you did not list this creditor on your bankruptcy, then it will prevail. Call the court administrator.
When you signed the contract to finance the vehicle, the creditor put a lien on the vehicle. In the rare event that this was not done, it can be done later in some cases.Also, a creditor can place a lien on an already financedvehicle if there is more equity in the vehicle than the amount of the original loan. Generally, a creditor who obtains a judgment lien against you can arrange to place that lien against any property you own in order to satisfy the lien.
If the creditor gets a judgment against an incorporated business, then yes. If the business is a sole proprietorship, then it is a bit more complicated. Certain property of an individual debtor cannot be taken by creditors. This includes money earned for personal services within the past 60 days to support the debtor and his or her family. If that is all that is in the account, then it cannot be levied upon. The reality is that creditors often take first and ask questions later. Most people don't challenge it because they don't believe that they can afford an attorney. The truth is if a creditor is illegally seizing funds that cannot be taken (or funds that don't even belong to the debtor, for example, if they seize funds belonging to a spouse in a joint account), then the law makes the creditor pay the attorney fee. If this happens to you, do not hesitate to contact a lawyer to find out what your rights are.
Yes, by federal law, creditors on all fifty states and the US territories have seven years from the date of last payment to collect a debt. That is, if the account is 6 years, 363 days past due, and you suddenly feel guilty and make a payment, the creditor gets to roll back the clock and has another seven years to collect it. On the other hand, if there is a judgment on the debt, the creditor has ten years from the date of judgment or last payment which ever is later to collect the debt.
It depends on whether that creditor was listed on Schedule F at the time of the filing. The filing of Bankruptcy (BK) doesn't in itself wipe out the debt: that debt must be listed on the list of creditors. If a debt was discharged under BK then the creditor(s) on the list of discharged debts cannot take any action against the Debtor: IT'S GONE FOR GOOD! That's what BK is for-- to give a fresh start. If the creditor was such at the time of filing and the debtor forgot to include that creditor on the list, he may be able to later add it on and have that debt also discharged. Now, if the debtor has since incurred a debt after the BK was discharged then that creditor can take action against the debtor.
More than likely you will not be prosecuted for hiding the car. But is this really what you want to do? Do you want to own a vehicle that can be repossessed at any time day or night at any location? Do you want the creditor calling you and trying to recover their property that you are hiding? You signed a contract to pay this loan off. You have defaulted on the contract so do what is right and save some money in the process. Voluntarily return the vehicle to the creditor which will reduce your creditor's expenses in retaking the car, and you will reduce the amount you will owe the creditor. But remember, you will still be responsible for paying any deficiency on your loan, and your creditor may still enter the repossession on your credit report. Sooner or later they will get the vehicle, and the longer it takes them the more it will cost you. They will seek a judgment against you. The judgment is the difference between what you owe on your loan and what your creditor receives when reselling your vehicle. A creditor who has followed the proper procedures for repossession and sale is generally allowed to sue you for a deficiency judgment to collect the loan balance. You should have talked to the creditor before any of this happened and tried to work out a new payment plan. But you did not do that, and now you are making it worse by hiding the car. Think about it.
Some judgments/liens are renewable quite literally forever. Being judgment proof does not mean you are relieved of the debt. It is a term used to designate the debtor has no assets at the time of the judgment which could be seized. If sometime later the debtor becomes employed, receives an inheritance, etc. the creditor can enforce the collection of the judgment. How long it stays on the CR will depend on what type of judgment.
Absolutely. If the cosigner did not file bankruptcy, the creditor has every legal right to try to collect the money from them. There are some other things to take into consideration, however. First thing to check is the statute of limitations. These vary depending on the state and there are web sites that outline them. If the account has been turned over to an attorney's office, it is vital that you understand the laws in your state in regards to judgments and garnishments. Varying by state, there are circumstances that you could fall under that could protect your wages and bank assets from being garnished (For example, in Missouri, if a husband and wife share a bank account and the creditor only has judgment on one of you, the creditor cannot garnish your bank account because that account belongs to both of you, not one of you).
It depends. Bank accounts can be seized, however, this is subject to limitation. Creditors must send out a Notice of Rights to the debtor which includes a Motion to Claim Exempt Property before they can execute on a judgment and seize a bank account. The debtor can claim the bank account as exempt if it contains less than a certain amount of property. Even if it is not claimed as exempt, wages in North Carolina earned within the past 60 days are not subject to execution, nor are certain federal benefits. Also, property of a spouse cannot be taken to satisfy a judgment against a defendant if the judgment is not also against the spouse. Still, creditors frequently seize first and ask questions later. Most people don't do anything about even an illegal seizure because they believe they cannot afford an attorney. The truth is that if the seizure is illegal, the law requires the creditors to return the money AND pay the debtor's attorney fees. If your bank account has been seized, contact an attorney to know your rights.
No, not usually. The exceptions are child support, taxes, fines imposed by a state agency, and federal student loans. Another exception is that if a creditor gets a garnishment order against your employer in another state, then that order is recognized in North Carolina. However, under the Fair Debt Collection Practices Act, their attorneys can only sue you in either the state where you signed the contract or the state where you live. As for the bank accounts, they can be seized, however, this is subject to limitation. Creditors must send out a Notice of Rights to the debtor which includes a Motion to Claim Exempt Property before they can execute on a judgment and seize a bank account. The debtor can claim the bank account as exempt if it contains less than a certain amount of property. Even if it is not claimed as exempt, wages in North Carolina earned within the past 60 days are not subject to execution, nor are certain federal benefits. Also, property of a spouse cannot be taken to satisfy a judgment against a defendant if the judgment is not also against the spouse. Still, creditors frequently seize first and ask questions later. Most people don't do anything about even an illegal seizure because they believe they cannot afford an attorney. The truth is that if the seizure is illegal, the law requires the creditors to return the money AND pay the debtor's attorney fees. If your bank account has been seized, contact an attorney to know your rights.
Yes. As long as the plaintiff has a valid claim against you, you can be sued and a judgment against you obtained. People with no assets are often referred as judgment-proof. This means that even if they are sued and a judgment against them is obtained, the plaintiff will not be able to seize any assets. But if you are working, you might have your wages garnished under the judgment. If a judgment against you is obtained it will be on the record for a certain number of years, depending on the state's laws. If you ever buy a house or come into money at a later date, the judgment will be there and you may have to pay it before buying that house or the plaintiff might find out about your new asset and seize it. Also, if you are not working at the time the lawsuit would be filed against you, you might get a job in the future and then your wages can be garnished. The determining factor about being sued is not whether you have money. It is whether the plaintiff has a valid claim.
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