I want to know if and when this is put on my credit report, and how they go about getting their money. Is is taken from your tax return? It is a joint judgement, is is split or just taken from who ever files first, HELP>>>
2007-10-18 01:19:32 · 8 answers · asked by stacy d 1 in Business & Finance ➔ Renting & Real Estate
A judgement means that a judge has ordered you to pay the other party. It will be on your credit report, at least until you pay off the judgement. You can then write the credit bureau and ask your creditor to do the same, to let them know the charges were paid. Don't know how long it'll stay on the cr. report.
Your creditor can get his $$$ in different ways. With the judgement, he can garnish your or the other party's paycheck (or both) until the judgement is satisfied. If you sell off any property, guess who is gonna be first to collect *any* proceeds? That's right. The person with the judgement against you. Joint judgement means the person can come after either party or both at the same time for the $$$.
I'm not sure how one would go about getting your tax refund proceeds. I know the govt. themselves can garnish it for their own purposes, but I don't know how an individual or other business would go about getting the info to do so.
My advice: Go to the bank, finance company, credit union, and borrow enuf to pay off the judgement.
2007-10-18 01:30:36 · answer #1 · answered by ~RedBird~ 7 · 0⤊ 0⤋
Yes, it will go on your credit record. Public judgments automatically go on your credit record for 10 years. This will make getting credit rather difficult and will drive up the rates that you have to pay.
The party with the judgment has several options on enforcing it. If your state allows wage garnishment, that's one possibility. They can also use the judgment to place a lien on your home if you are a homeowner. They may also be able to attach any bank accounts that you have, again depending upon state law.
They cannot use this judgment to take a tax refund, however. Only government backed student loans, child support arrearages, back taxes, and some other government debts can be attached to your tax refund.
You really need to consult with an attorney to see how this can be used against you and see what rights you have, if any.
2007-10-18 08:28:22 · answer #2 · answered by Bostonian In MO 7 · 2⤊ 0⤋
Ask at the court where the judgement was made. Maybe you can make payment arrangements. Otherwise, at least over here, the Sheriff could come and seize anything he wanted to sell and pay the debt.
I don't think the judgement goes on your credit report unless the person you owe puts it there. I own some property, and my agents would put a record on a public register that all the rental agents have access to, about your payment problems. It could make it difficult for you to rent another property.
Pay the debt as soon as you can, and stay in touch with the creditors.
2007-10-18 08:25:22 · answer #3 · answered by dweebken 5 · 1⤊ 2⤋
Judgments are really bad - are you sure that it has gone through. Judgment means that they sued you and won in court. In some states they just run an announcement that they are suing you in the paper.
I would call the lawyer handling this on their end to find out exactly what has happened and then set up a payment plan to pay them back.
Either way I am sure it is on your credit report if they are or have sued you. If they did sue you and they won they can seize money in your bank accounts and garnish your wages. Typically garnishing your wages - so that is why I would call and set up a payment arrangement; so that you have some say in the matter.
2007-10-18 08:25:48 · answer #4 · answered by Professional in FL 4 · 1⤊ 0⤋
If you don't pay the judgement you may eventually find a lien filed against your property and your income, and an ugly note on your credit report making it difficult to get new credit or a new apartment.
2007-10-18 08:22:58 · answer #5 · answered by Penny 7 · 2⤊ 0⤋
It can be taken out of your wages, tax return, and bank accounts. It is on your credit report as you typed your question. Most of the time they will take 50% from each party, depends on the wording.
2007-10-18 08:25:57 · answer #6 · answered by Anonymous · 1⤊ 1⤋
The judgement means they have the right to collect. They have to figure out how to do so. They will garnish your bank account if they know where it is. They will garnish your earnings if they know where you work.
2007-10-18 08:23:03 · answer #7 · answered by Anonymous · 3⤊ 0⤋
Stacy, I suggest you make arrangements to pay it off. It they filed it correctly, yes it could impact your credit report. Make sure to documents your payments.
2007-10-18 08:34:02 · answer #8 · answered by Alterfemego 7 · 0⤊ 0⤋