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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.

Published in: Law
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Default Judgments: 6 Things Debtors Can Do

  1. 1. DEFAULT JUDGMENTS: 6 THINGS DEBTORS NEED TO DO by Real Estate Attorney www.ProvenResource.com
  2. 2. An outstanding money judgment can be frustrating and even immobilizing.
  3. 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. 4. HERE ARE 6 THINGS A CONSUMER OR BUSINESS OWNER SHOULD CONSIDER IN THE EVENT A DEFAULT JUDGMENT IS FILED AGAINST THEM
  5. 5. Have the judgment set aside1.
  6. 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. 7. Make contact before collection activities start. 2.
  8. 8. Once a judgment is taken, the judgment creditor can begin activities to collect on their judgment. BECAUSE
  9. 9. BECAUSE They can garnish or attach a debtor's wages, bank accounts or even seize a debtor's property.
  10. 10. Ignore it3.
  11. 11. It is only a matter of time before a significant money judgment can make things financially difficult for a debtor.
  12. 12. Time.4.
  13. 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. 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. 15. Try to cut a deal with a judgment creditor when a debtor's finances are still at their worst.
  16. 16. Consider payment options.5.
  17. 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. 18. Bankrupt6.
  19. 19. BECAUSE Depending upon the nature and size of one's debt and income, not all judgments can be liquidated through bankruptcy.
  20. 20. For instance, a defaulted student loan or certain IRS matters, cannot be discharged.
  21. 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

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