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If you have a judgment and after 7 years it's off your credit does that mean that the creditor can't put a lien on any of your property?
I don't know if the laws are the same everywhere, but we had to get a judgment against someone and had a lien placed on his house. We were told that if we went back to court before the 7 years were up we could get another judgment against him and keep the lien in place. He's had a lien on his home for over 10 years now -- and until he pays his debt or the law changes we'll keep going back to court. Of course, he owes us a LOT of money.
A judgment has to be renewed by the plaintiff at set intervals, determined by law. You can find the SOL relative to judgments for your state, and if the statute has expired, contact the court to see if the judgment has been renewed by the plaintiff. If not, they can't collect.
What else can I help you with?
How does a satisfied judgment that was filed on a property rented get removed from a credit report?
Satisfied judgments do not get removed from a consumer's credit report until 7 years from the date they were filed. You might get lucky and the judgment be shielded from view 7 years after the original legal action was filed (once the satisfaction shows). It is possible, and legal, for the satisfaction to show for 7 full years from it's filing date (which may be different from the judgment filing date).
How can you get a 'satisfied' judgment removed from your credit report?
To get a 'satisfied' judgment removed from your credit report, you can contact the credit reporting agencies and dispute the information. Provide any documentation that shows the judgment has been satisfied. You may also need to reach out to the creditor or court that issued the judgment to request that they provide confirmation of its satisfaction to the credit bureaus.
Can a civil judgment be removed from credit report?
AnswerIf it was true and accurate, no. maybeThat is often state dependant, but you should be able to have it removed once the debt is paid. If it is not paid yet, it is considered outstanding debt, and will stay on your credit report. No a valid judgment will remain 7 years or indefinitely if the judgment creditor chooses to renew it.If a judgment is paid or settled the entry will reflect such, but the judgment will still remain on the CR for a minimum of 7 years.YesOnly the court or the credit bureaus can remove judgments on your credit report. You can dispute anything on your credit report to the credit bureaus that you believe to be inaccurate or erroneous.
Does Illinois allow for judgments to be renewed after 7 years?
The seven year rule usually applies to a credit report entry not the length of a judgment. In Illinois judgments are usually valid for 20 years with the addition of a new law they can now be revived (renewed) for another 7 after the expiration of the original one. However, the judgment creditor/holder must petition for the renewal before the 20 year time limit expires. This is one of several reasons why a judgment lien is so damaging to the judgment debtor. Another one being that judgment amounts accrue interest until they are paid.
What is the statute of collection of small claims judgment in California?
In California, a small claims judgment is typically valid for 10 years and can be renewed for an additional 10 years if necessary. This means the creditor has up to 10 years to try to collect on the judgment before it expires.
What is an outstanding judgment on a credit report?
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.
Why should a judgment be paid if it cannot be removed from a credit report before seven years have expired?
Short answer, a valid judgment can be executed against the debtor's non exempt property at any time. A judgment that has been perfected as a lien against real property is more likely to be implemented as a forced sale of the property in question. And a judgment accrues interest until it is paid or satisfied with the judgment creditor.
How can you remove judgments from your credit report?
Actually, the creditor who has the judgment against you can make appeals on it and depending on what state your in you can actually end up with it on your credit report for as long as 21 years. Now there is only one state that will allow it to stay for 21 years through appeal but most are between an additional 7 to 14 years on top of the initial 7.AnswerCall who ever has the judgment pay them.....it's that or wait it out for 7 years that's how long it will stay on the report
What happens if you don't pay a civil judgment in Colorado?
If you don't pay a civil judgment in Colorado, the creditor can take various actions to enforce the judgment, such as garnishing your wages or bank accounts, placing liens on your property, or seizing assets. Additionally, the judgment can remain on your credit report for up to seven years, negatively impacting your credit score. It's also possible for the creditor to file for a "debtor's examination" to assess your financial situation. Ignoring the judgment can lead to further legal complications and additional costs.
How does a satisfied judgment that was filed on a property rented get removed from a credit report?
Satisfied judgments do not get removed from a consumer's credit report until 7 years from the date they were filed. You might get lucky and the judgment be shielded from view 7 years after the original legal action was filed (once the satisfaction shows). It is possible, and legal, for the satisfaction to show for 7 full years from it's filing date (which may be different from the judgment filing date).
Can a creditor file a judgment after 9 years?
not if you never had any activity on the account after 7 years they have to remove it you can request that it be removed by contacing the 3 credit agencies
Can a credit card company take a judgment against you if it is unsecured and it has been over 4 years?
It is quite possible,most credit card accounts are unsecured. A creditor can file a lawsuit and if it is won, receive a writ of judgment that can be executed against all nonexempt property that belongs to the debtor. Each state has SOL's that pertain to open accounts such as credit cards. However, the expiration of the SOL does not automatically stop a creditor from seeking collection of a debt. (Macky..macky83@juno.com)
A potential creditor's judgment about granting credit would be most influenced by the potential customer's?
trend of acid-test ratio over the past three years
Will you be able to sell your house with a car lien on it and if not how long does the car lien last in Massachusetts?
If there is a judgment lien on your property in Massachusetts the recorded lien is good for six years. Before the six years expires the creditor can obtain an extension from the court and the extension is good for another six years. The judgment is good for 20 years but it must be updated in the land records as stated above in order to encumber the debtor's real property. As long as the lien is updated you cannot sell or mortgage the property until the lien is paid.If there is a judgment lien on your property in Massachusetts the recorded lien is good for six years. Before the six years expires the creditor can obtain an extension from the court and the extension is good for another six years. The judgment is good for 20 years but it must be updated in the land records as stated above in order to encumber the debtor's real property. As long as the lien is updated you cannot sell or mortgage the property until the lien is paid.If there is a judgment lien on your property in Massachusetts the recorded lien is good for six years. Before the six years expires the creditor can obtain an extension from the court and the extension is good for another six years. The judgment is good for 20 years but it must be updated in the land records as stated above in order to encumber the debtor's real property. As long as the lien is updated you cannot sell or mortgage the property until the lien is paid.If there is a judgment lien on your property in Massachusetts the recorded lien is good for six years. Before the six years expires the creditor can obtain an extension from the court and the extension is good for another six years. The judgment is good for 20 years but it must be updated in the land records as stated above in order to encumber the debtor's real property. As long as the lien is updated you cannot sell or mortgage the property until the lien is paid.
Do you still owe the money if a lawyer buys a 7 year old repossession account and how will it affect your credit?
A judgment occurs when a creditor takes you to court, sues you, and wins his case against you. The creditor must do this before the statute of limitations has expired for the original debt. Typically, the court will try and contact you via mail, but they do not need proof that you were contacted, and you do not have to be present for your creditor to win. The creditor only has to provide proof that the debt is owed. You want to avoid this at all costs; for it is after a judgment is issued that a creditor can seize bank accounts, assets, or garnish wages. In addition, it is easy to renew a judgment once its statute of limitations has passed. In effect, if the creditor is diligent about his renewals, you could find yourself in the position where a judgment against you never expires. A judgment will drop off your credit report after seven years, but your creditor can hound you until the debt is paid.
What is statute of limitation for Ohio credit card debt?
A creditor must petition the court to obtain a judgment against you for a credit card debt. If successful then the judgment is recorded in the land records. According to the chart at the link below an Ohio judgment is good for 21 years and must be brought forward in the land records by a re-recording every five years.
If you are self-employed with 50000 in credit card debt what can they do if you don't pay them and you don't want to file bankruptcy?
The creditor(s)can file a lawsuit against the debtor and if they win a judgment they can execute it against any nonexempt property owned by the debtor. The preferred method is wage garnishment, followed by bank account levy (even joint accounts can be garnished). Other options to the creditor are the seizure and sale of property that is not considered exempt under state law, including jointly owned property and liens against real property (also if jointly owned)such as a home, vehicle, boat, etc. In the majority of states a forced sale of any real property is possible, including a home if it is not covered by the allowed homestead exemption. Creditor judgments are valid for 10 to 20 years and are usually renewable. A judgment creditor can hold the execution of the judgment until the debtor obtains property that can be seized or can execute the judgment within ten days after it has been awarded.
