What happens when you sue somebody and win, but they have nothing to give you?

Question

What if you loan someone money or co-sign for a loan they never pay back, and you take them to court for it, and you win, but they have no money? If the loan is on your credit, but in both names, does it come off? Or what if someone stopped paying rent and you had to break the lease, and now that is on your credit? Does winning a civil court case relieve you of your negatively affected credit? Do they transfer the debt to the other person, or what happens?

Answer 1

Some times a judgment in court may make a difference. But the thing about co-signing, the creditors don't care if they are paid with your money or his money. That is why you should NEVER co-sign for anyone. You are just as responsible for that loan as the person you co-signed for. So your credit will turn to crap too. The court judgment makes them liable to pay you, because you are obligated to pay the loan. Yes. You can't get blood out of a turnip. If you get a judgment on someone who can't pay, put a lien on their home if they have one or later got one. I would continue to renew that judgment for as long as I am able to in order to make them pay. Court judgments also goes on a person's credit. There is so much you can do to keep that judgment alive and kicking until they are finally able to pay.

Answer 2

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Answer 3

In Texas, you are up the proverbial poop creek without a paddle. Texas doesn't provide for garnishment. As for your credit, all the creditor is concerned with is payment of the debt. If you are the one who signed the lease, or if both are on the lease, he has every right to report you to the credit agencies should the terms of the lease not be met. The decision of the court has no bearing on credit. Ask someone who has divorced. If both parties had a credit card and the court orders in the divorce decree that one take over payment of the card, should that person default, the credit card company will come to you for the debt. The lesson is to be careful who you enter into agreements with, deadbeats are deadbeats, expect nothing even if you win in court, pick your spouse well, and we are all basically screwed when it comes to credit.

Answer 4

When you co-sign a loan, you are putting your own credit on the line. If he defaults on the loan, and you do not pay it either, your line of credit is at risk.

You can take him to court & try to force him to pay, (and you should), but like you said--you can't squeeze blood out of a turnip and it doesn't negate the fact that you are both responsible for the loan. If he doesn't pay it, you have to. Or they will garnish your wages.

You can go into your credit file and have them put in that there are extenuating circumstances. I've never done this, but I know others who have.

Answer 5

you still owe the money. You promised to pay it back if first person couldn't. He can't. Now you owe it including interest. If he ever gets any money you can try to collect on your judgment. Check and see when that has to be renewed/expires. Whole purpose of co-signor is t get a loan person couldn't get otherwise. You say the person doesn't have any money? What did he buy? Maybe you can take that through the court, get some of your money back.

Answer 6

If you hope to recover any money in the future, you must register your court victory with your county civil courthouse. If they should come into some money in the future, your legal claim will be already established. You never know what might happen in the future. I have often found out that dishonest and greedy people usually attract money somehow, and it's not just the Karma...

Answer 7

If there are no attachable assets, you can get a writ against earnings (garnishment). Furthermore, you can record a writ, which not only will impair the debtor's credit record, but will have to be paid off before anyone will lend him money against a security. But if the guy is a total deadbeat, none of these will help much.

Answer 8

The court makes the 2 parties come to an agreement to pay back the amount owed,

Answer 9

To yourself you have added insult to injury. You have spent good money after bad. No it does not reestablish your credit. Never cosign for anyone anywhere anytime. The institution that lost the money can sue you. Unlike your deadbeat friend you are probably in a position that they can collect. AND THEY WILL!!!!!!

Answer 10

You get nothing but the satisfaction of winning a judgment against them. You are also able to put leins against them for an future assets they aquire.