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Will creditors agree to a settlement of a judgment?


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2011-09-13 17:48:54
2011-09-13 17:48:54

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.

AnswerMore than likely if a creditor has a judgment out for you, you have lost your chance to negotiate. You should have negotiated before it was taken to court you may have had a better opportunity to settle the debt. Now you have the courts involved and they will ensure the fact that the creditor gets theirs money.

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.


Related Questions

You can't really protect or hide your assets legally from judgment creditors. It is best to pay your bills on time and try not to get a judgment.

That's at the discretion of the party who won the lawsuit and had the judgment enforced. In general creditors are only open to a settlement/payment agreement before a lawsuit is undertaken.

can your attorney agree to a settlement in a civil suit without your consent

Creditors are required by law to serve you with a summons to appear in court before getting a judgment. You can be served at your home, your place of employment or anywhere else the process server is able to locate you.

It means the parties involved agree on the settlement discussed .

arbitrated- judgment or settlement =) from, chloe

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 lien.

Each state has different laws on what assets can be protected from judgment creditors.

Yes, after a judgment has been granted against you

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.

decision, settlement, judgment, determination, adjudication

Hi~ Absolutely it can. Your settlement is considered an assett.

Christians agree that there will be a judgment day, and we can not dodge it.the bible says It is recorded for man to die once and then the judgment.

Lay out a plan of distribution and get the court to agree to it.

Yes, the state allows wage garnishment by judgment creditors.

Pre-Settlement is the period of time after which a claim has been brought by plaintiff and prior to the execution of the settlement agreement, verdict or judgment.

A creditor can get a judgment and freeze your bank account in South Carolina, but typically creditors only do this if you owe them a very large amount of money. The cost to do this usually means it's not worthwhile for creditors to pursue this type of action.

No. Community Service is imposed for criminal law; the small claims court is for civil actions. All they can do is agree the debt owed to you, and enforce settlement.

They would legitimately be entitled to be a party to the settlement but would need to apply to the bankruptcy administrator for consideration in this instance.

The Trustee keeps anything that is not exempt. If your settlement is part of the bk, and is not exempt, it will be used to pay off your creditors.

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.

If the accident was not caused by drug or alcohol or deliberately, the judgment can be discharged in bankruptcy. You cannot file just for the judgment. ALL creditors must be listed, and you might have to do a chapter 13.

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.

I'd suggest disputing with the bureaus and saying "No judgment or settlement. Amount owed ZERO as per letter" Include the letter.

There are no "settlement amounts." If a party files a law suit and the defendant decides to offer a settlement, the parties will settle on whatever they agree to.

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