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