Q: What can happen to me if I can't pay a court judgment to collect a $6000 credit card debt? I only have a 2013 car.
No money in the bank, I am graduate student--no employment, no other property. I am married.
A:
A judgment is merely a piece of paper signed by the Judge that states that you owe a stated sum of money. The Judgment will begin to accrue interest at the current rate of: 5.05% effective on April 1, 2017.
The Judge allows the judgment creditor to seek to garnish wages or bank accounts ect, but they must do so through the court system. Of course, you must have something to garnish for them to be able to do so.
Since you are married, you want to be careful that the Judgment creditor does not attempt to garnish a joint bank account and try to take funds from the account earned by your spouse. The Judgment can become a lien against any property that you own with certain limitations like on a Florida homestead.
Hopefully this helps.
1 user found this answer helpful
A: If a creditor has a judgment against you, they can, in most cases, garnish your wages, attach your bank accounts and seize your personal property. In Florida, a judgment is valid for 20 years.
A:
No guarantee, of course, but the odds of the creditor trying to take your car are remote.
The judgment will sit and accrue interest. If you get a job, your wages could be garnished. You probably would not get bank financing to buy real estate with the judgment sitting there. The judgment is lien against property that you own.
Be careful about putting your name on your wife's assets.
1 user found this answer helpful
Justia Ask a Lawyer is a forum for consumers to get answers to basic legal questions. Any information sent through Justia Ask a Lawyer is not secure and is done so on a non-confidential basis only.
The use of this website to ask questions or receive answers does not create an attorney–client relationship between you and Justia, or between you and any attorney who receives your information or responds to your questions, nor is it intended to create such a relationship. Additionally, no responses on this forum constitute legal advice, which must be tailored to the specific circumstances of each case. You should not act upon information provided in Justia Ask a Lawyer without seeking professional counsel from an attorney admitted or authorized to practice in your jurisdiction. Justia assumes no responsibility to any person who relies on information contained on or received through this site and disclaims all liability in respect to such information.
Justia cannot guarantee that the information on this website (including any legal information provided by an attorney through this service) is accurate, complete, or up-to-date. While we intend to make every attempt to keep the information on this site current, the owners of and contributors to this site make no claims, promises or guarantees about the accuracy, completeness or adequacy of the information contained in or linked to from this site.
