Will creditors agree to a settlement of a judgment?
Sometimes. Many creditors will allow you to charge off an account, which is to pay a sum of money less than the debt. It's not good for your credit score, but it will satisfy and close out the debt.
How old is the debt?
A little clarification, once the judgment has been entered the court will not assist the judgment creditor in collecting monies owed.
It is a misconception that not paying a judgment is an act of contempt of a court order, it is not and the consumer cannot be held accountable to the court for the non payment of such.
Some creditors will negotiate on a judgment if they believe that there is no way to excecute it in a timely and uncomplicated way.
If however, the creditor can execute the judgment as a wage garnishment or bank account levy it is highly unlikely they would be willing to negotiate a settlement.
If your checking account is frozen because of a judgment do you have to pay the entire amount or can you settle?
You would have received many past due notices regarding your bills. You would be sent legal notice when the creditors file a lawsuit to recover in your local court. The court will notify you of the lawsuit and the dated of the hearing. If you don't attend the hearing, the creditor will win a default judgment for which you will receive notice. The creditors can use the judgment to seize your property to satisfy the…
Yes. California allows income garnishment by judgment creditors. The law also allows a judgment creditor to place a lien on real property owned by the judgment debtor. Generally the homestead exemption will protect a primary residence from a forced sale for debt owed. Judgment creditors rarely request a forced sale of a primary residence because it is a complicated and lengthy process and is seldom profitable enough for implementation.
Is there a different affect on your credit if there is a consent judgment or a settlement order entered?
This answer depends on the procedures of the courts in your state. Generally, a judgment will be reported on your credit rating a will be a negative mark against. Instead, you can have a stipulation for settlement that keeps the case open and then the case is dismissed when the settlement has been fully paid.
You additional information has been moved to the discussion section. If the relative won the suit, there is no settlement. If there is a judgment, the estate can collect on the judgment. If there is a settlement, the parties agreed not to move forward with the suit. You can check with the clerk of court where the suit was litigated to find out how the suit was resolved.
How do you get a letter from the card company stating that you do not owe them money when the credit report shows individual judgment and settlement?
Can I get a mortgage with a judgment against you from an unpaid credit card I have fairly good credit otherwise but I have a judgment against me for an unpaid credit card from 2003. Thank you?
one of 3 things could happen. 1. denial of loan 2. the mortgage company will pay the judgment and tac it on. 3. or require you to pay it and provide proof that it is satisfied. *** here is what you need to do** tell the person who has the judgment you are considering filing a chapter 7 bankruptcy, and that you will include them in it unless they agree to settle for 50% of…
To file chapter 11 bankruptcy one must propose a plan and then must find creditors to agree with this plan. Then, the person must take the plan and creditors to bankruptcy court where the judge will decide whether the plan can work or not. As long as the judge and all the creditors agree then that person can follow through with the plan and be in chapter 11 bankruptcy.
A person has a few choices when picking a debt consolidation plan. One would be a Debt Management Plan, which is to place all the debts into one place, and make a portion payment each and every month. Another one would be to have a Debt Settlement Plan, which is where one would get the creditors to agree on a percentage of what is owed, and pay the portion they agree upon.
Generally, in NJ, almost any assets can be used to satisfy a judgment. Some states provide for a "homestead exemption" which prevents a home (if the debtor lives there) from being taken by creditors, or at least prevents the owners from being evicted by the creditors, even if other assets are insufficient to cover the judgment. However, New Jersey has no such exemption. There is, however, an order that creditors must follow in going after…
Through debt settlement programme people can save their lots of money. Getting the debt details of customers debt settlement agents starts their work. fast they contact the creditors and make them accept a 40 to 50 percent settlement rate. The companies finally accept that condition because otherwise they could get nothing. Some times people spend much money in credit but atlast they don't paid off the full. But their creditors will take all money from…
How do you satisfy an unsatisfied judgment after another collection agency bought the account from the first collection agency that originated the judgment?
Your mother died with no estate and all debts were closed What happens if she had a pending lawsuit that was settled a year after her death Can creditors still collect on the settlement money?
Nope, it is not.... In fact no one else than your creditors get to know about it. The Debt Settlement companies send a letter to your creditors, that is how they get to know. Even in the Credit Report, there is no mention of hiring any debt settlement company. All it says is "settled for less than full balance", which does not reflect at all that you hired someone to do Debt Settlement. Even this…
Yes!! you can settle your debt before, during, and after litigation. If you decide to enroll in a program, be leary of any that don't disclose information to you. generally a good debt settlement company will require extra steps from you prior to enrolling a legal/judgment debt. A bad debt settlement company will take your debt no questions asked.
Absolutely not. It is not unusual for a judgment to be awarded to a creditor, but it cannot be "satisfied" because the debtor is deemed judgment proof. Meaning the person has no assets that can be seized for the amount of the judgment. However, in most cases judgments are renewable. Creditors may continue to do this, based on the premise the debtor at a future date will have property or income the judgment can be…