Judgement Debt
If a creditor sues you in court and obtains a judgement, it can create a world of problems for you. It is extremely long term, and almost impossible to remove from your credit report. A debt judgement gives the creditor certain rights to collect the debt that they didn’t have when it was a simple unsecured, collectible debt. They now have the right to attach your wages, seize certain property and use other remedies that were not available to them before.
The bright side of this is that you can still make a deal after losing a judgement. Its is however difficult to get it removed from your credit report, and you will need to make sure that you negotiate this BEFORE you make a payment agreement or a settlement. It is extra work for the attorney, and without you giving them something in return - they just wont do it.
If you offer to pay 50% - and they come back with an offer at 75% of the debt you might want to agree to it if you can afford it with the stipulation that they have the judgement vacated when the bill is paid.
You can deal with judgement debt, it’s just more complicated.
Comments
You must be logged in to post a comment.
-
-
"Click Above to find out how you can be debt free including your mortgage in just a fraction of the time using only the income you currently make!"
Recommended Sites
-
-
Recent Debt Relief Posts
- Credit Card Debt Services: Do You Really Need One?
- Understanding Credit Score Information
- Consumer Credit Law - Do You Need A Credit Attorney?
- Just How Funny Is Bankruptcy - Well,,,Pretty Funny
- Christian Credit Counseling? - Be Careful!
- Debt Settlement Resources
- Bailing Out The Banks
- Tax Debt and How To Deal With It
- Judgement Debt
- Student Credit Card Debt
- How To Avoid Bankruptcy with Credit Card Debt Negotiation
- The Benefits Of An Unsecured Loan For Debt Consolidation
- Student Credit Card Debt
- 7 Tips On Finding A Debt Settlement Company For Your Credit Card Debt
- Credit Card Debt Elimination Services
- How Christian Debt Consolidation Can Help
- 3 Ways To Get Out Of Debt
- Debt Consolidation Loan Warnings
- Are You Winning Your War On Debt
- Credit Card Debt Negotiation - Get Sound Advice
- Christian Debt Relief: What’s The Difference?
- Debt settlement Companies Examined – part 2
- Dishonest Lenders or Lack Of Personal Responsibility
- You Can Be Debt Free In 3 Years!
- Types of Debt - Secured Debt
- Types Of Debt - Unsecured Debt
- The Road Out Of Debt
- How To Get Out Of Credit Card Debt
- Intermediating Debts with Credit Card Debt Collection Training
- Student Credit Card Debt is a Monkey on Your Back!
-
Archives