default judgments: 6 things debtors can do
TRANSCRIPT
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DEFAULT JUDGMENTS:6 THINGS DEBTORS
NEED TO DOby
Real Estate Attorneywww.ProvenResource.com
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An outstanding money judgment can be frustrating and even immobilizing.
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A default judgment is awarded when adefendant to a civil suit fails to answera legal complaint in a timely fashion. Insuch cases, the court is unable tomake a ruling based upon the law orthe facts of a case.
WHAT IS A DEFAULT JUDGMENT?
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HERE ARE 6 THINGS A CONSUMER OR BUSINESS
OWNER SHOULD CONSIDER IN THE EVENT A
DEFAULT JUDGMENT IS FILED AGAINST THEM
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Have the judgment set aside1.
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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
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Make contact before collection activities start.
2.
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Once a judgment is taken, the judgment creditor can begin activities to collect on their judgment.
BECAUSE
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BECAUSE
They can garnish or attach a debtor's wages, bank accounts or even seize a debtor's property.
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Ignore it3.
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It is only a matter of time before a significant money judgment can make things
financially difficult for a debtor.
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Time. 4.
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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.
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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.
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Try to cut a deal with a judgment creditor when a debtor's finances are
still at their worst.
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Consider payment options. 5.
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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.
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Bankrupt6.
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BECAUSE
Depending upon the nature and size of one's debt and income, not all
judgments can be liquidated through
bankruptcy.
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For instance, a defaulted student loan or certain IRS matters, cannot be discharged.
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Disclaimer: You should not rely or act upon the contents of this article without seeking advice from your own attorney.
www.ProvenResource.com31800 N.W. Hwy.
Suite 350 Farmington Hills, MI 48334Phone: (888) 789-1715