Default Judgments: 6 Things Debtors Can Do
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For many debtors, handling an outstanding money judgment can be frustrating and even immobilizing. A Proven Resource managing attorney discusses 6 things to consider when trying to resolve an outstanding judgment.
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Default Judgments: 6 Things Debtors Can Do
- 1. DEFAULT JUDGMENTS: 6 THINGS DEBTORS NEED TO DO by Real Estate Attorney www.ProvenResource.com
- 2. An outstanding money judgment can be frustrating and even immobilizing.
- 3. A default judgment is awarded when a defendant to a civil suit fails to answer a legal complaint in a timely fashion. In such cases, the court is unable to make a ruling based upon the law or the facts of a case. WHAT IS A DEFAULT JUDGMENT?
- 4. HERE ARE 6 THINGS A CONSUMER OR BUSINESS OWNER SHOULD CONSIDER IN THE EVENT A DEFAULT JUDGMENT IS FILED AGAINST THEM
- 5. Have the judgment set aside1.
- 6. It's best to file a request to set aside the judgment within a reasonable period of time from the date that they discovered the judgment. BECAUSE
- 7. Make contact before collection activities start. 2.
- 8. Once a judgment is taken, the judgment creditor can begin activities to collect on their judgment. BECAUSE
- 9. BECAUSE They can garnish or attach a debtor's wages, bank accounts or even seize a debtor's property.
- 10. Ignore it3.
- 11. It is only a matter of time before a significant money judgment can make things financially difficult for a debtor.
- 12. Time.4.
- 13. BECAUSE The right to collect the money on a judgment has an expiration date that depends upon the type of case that was initially brought, or where the judgment was obtained.
- 14. BECAUSE A judgment debtor may not hear from a judgment creditor for years, the creditor still has rights to collect on their outstanding judgment balance with interest.
- 15. Try to cut a deal with a judgment creditor when a debtor's finances are still at their worst.
- 17. BECAUSE Making payment arrangements means that there is a written agreement on how monthly or partial payments will be applied to the judgment balance before the first payment on a plan is made.
- 18. Bankrupt6.
- 19. BECAUSE Depending upon the nature and size of one's debt and income, not all judgments can be liquidated through bankruptcy.
- 20. For instance, a defaulted student loan or certain IRS matters, cannot be discharged.
- 21. Disclaimer: You should not rely or act upon the contents of this article without seeking advice from your own attorney. www.ProvenResource.com 31800 N.W. Hwy. Suite 350 Farmington Hills, MI 48334 Phone: (888) 789-1715