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.
Whether you realize it or not, the entry of a
judgment against you puts a lien on all real
property you have in the County where the
judgment is entered, the only exception being
that a judgment against just you won't be a
lien against property you already own as
husband and wife (at least in Mississippi). But, if the judgment is
against both you and your spouse, even that is
no help. The judgment will be a lien against
all your real property. 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 car, household goods, money in
the bank, tools, equipment, etc. But first,
most creditors must give you a right to claim
certain "exemptions" (at least in
Mississippi). 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, in
Mississippi, your wages. Depending upon the laws of
the State you live in, 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.
Many times,
the biggest pressure on you is the garnishment
the Creditor has in place....a garnishment
that is sucking out of your wages and away
from your family money that is desperately
needed to take care of you and your family.
Filing bankruptcy stops wage
garnishments....Cold. As soon as the Court
sends out notice of your bankruptcy, your
employer is supposed to act immediately to
stop the garnishment. How powerful is that?
It does NOT matter what kind of debt you
owe. The garnishment must stop and...that is the end of the
garnishment...forever.
Every thing you think is hopeless has a
solution....if you ask the right person!
The
Law Office of Denvil F. Crowe 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:
662-844-7949 or 662-842-HELP(4357).
Stop getting pushed around, feeling angry and
losing sleep! Take some positive action now!
You'll feel better! I promise!
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