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A judgment creditor seldom lets a judgment lapse. That would mean the entire process of filing a lawsuit and being granted a judgment wasted effort. The only option of the debtor is to pay the judgment amount or reach a settlement agreement of some type with the judgment holder.

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19y ago

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How old do half to be to get a credit card?

You should be eighteen years and above. Most banks do not give credit cards to minors.


Can a joint bank account be frozen by a judgment creditor?

A joint account can be frozen by a judgment creditor of one owner. That can cause not only an indeterminate period of inconvenience for the non-debtor owner but also may result in the loss of half of the funds in the account. You should not open a joint account with another person who has a history of debt problems. You can read more about frozen bank accounts in general at the link provided below.


It's been 7 years will this debt go away?

It depends on what "this debt" is. If it is a simple unsecured debt, 7 years from the last payment it has to be removed from the credit report. In most cases the state's statute of limitations will already have expired, so it cannot be collected by legal action. If it is a judgment debt, either after a trial or a default judgment, it is usually valid for 10 or 20 years after the default was entered and the creditor can always try to collect it. If you file bankruptcy and get the debt discharged, no legal collection action can be taken, although there is a growing collection industry designed to get people to pay even though they can't force payment. They often send a demand for payment and offer to take half. Most people don't bother to check with a lawyer and just pay it.


What can you do if the lender repossess your car and they get half of the loan and you cant pay the balance?

The lender will come after you for the remaining balance after the car is auctioned.You can either declare banckruptcy or work out a payment plan...or thelender can seek a judgment to garnish your wages.


Can a co-signer pay the balance of the loan off to save credit history after a repo and then sue the owner of the car for half the loan?

Anyone can sue anyone for almost anything. Winning and collecting any judgment is another thing.

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