Help With Judgments!
Judgments!
How do they affect you?
What
can you do to get rid of them?
How much to
they really cost you?
You
owe a creditor some money! You can't pay! You just
don't have the cash and there is nothing left in
your budget. You tell the creditors, but they just
want their money! This is how it usually starts out.
You have every intention of paying your bills, but
you just can't for one reason, or another!
The creditor decides to take its debt collection
process a step further, and starts a lawsuit against
you. In most cases, there is nothing to defend. You
know you owe the money. The bottom line...the
creditor gets a judgment against you.
In California the entry of a judgment against you
can cause a creditor to puts a lien on all real
property you have in the County where the judgment
is recorded with the county recorder. The judgment
lien is a lot like having a creditor get an
additional mortgage against your property. And
worse, assuming there is some value in your real
property above the mortgages, the creditor may well
be able to put your real property up for sale at
public auction. This would be a tough way to lose
your home.
To make things worse, the judgment gets bigger and
bigger because the creditor has a right to interest
as long as the judgment is left unpaid.
Then....adding insult to injury....the creditor can
also come after other things you own, like your
money in the bank and possibly other personal
property. But most creditors must give you a right
to claim certain "exemptions" (at least in
California). Exemptions are categories of property
that, up to certain limits, the creditor cannot
take, but only if you claim them. If you are like
most people, by the time you need to claim these
exemptions, you are so dazed and confused and used
to ignoring everything, you don't even fill out the
paperwork to claim your exemptions. That's not good
at all, because not doing so gives the creditor the
right to come after almost everything you have,
except for money in retirement accounts (other than
IRA's) and maybe your wages, depending upon the laws
of the State you live in. And, even wages are not
protected from certain creditors, as for instance:
(1) An ex-spouse and coming after you for payment of
alimony or child support, (2) The State and Federal
government for back taxes, or (3) Student loan
lenders for overdue student loans.
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The Creditor is awarded the judgment for
whatever amount of money is owed, plus...in
many cases...attorney fees and cost costs. Lets say it's
$2,000.00 as an example. What does this mean?
Well! First it means that the Creditor can
take the money out of your checking account,
if he can find your bank account. Here's an example. You have just
put your paycheck in your checking account. It was $800.00
and let's say the creditor knows where you bank and has
already
requested that the bank collect any money that
gets deposited into your accounts. In this example, it would be
$2,000. The $800 would be gone! If you have
any money in a savings account, it will also
be gone.
The judgment also goes on your credit
report and that means no more credit in most
cases. It also has some negative effects when
you're working a job with a security
clearance.
It's embarrassing! It's also
something that can be taken care of using
Federal Bankruptcy Laws! You can stop these negative
affects of judgments fast! If need
be...as for instance in the case of a
"non-dischargeable" debt....and using Chapter
13...you can claim the right to pay it over up
to 60 months in most cases. So! Over 60
months, your
payment on this debt would be less than $10 per week.
And that assumes you have to pay it at all.
Many judgments...especially with respect to
unsecured debts...never have to be paid back.
It just depends on the facts of your particular
situation.
Every thing you think is hopeless has a
solution....if you ask the right person!
The
Law Offices of Borowitz, Lozano & Clark can give you
straight answers to tough questions. They can
also start the process to take that monkey
off your back on the first visit!
Make the call now!
Call for a FREE Confidential Visit at:
1-800-509-3200 or 919-847-9750.
Stop getting pushed around, feeling angry and
losing sleep!
Take some positive action now!
You'll feel better! We guarantee it!
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