Question:

What happens if you get a judgement?

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Let's say I don't pay the minimum payment of 502.00 on a payment for 3 consecutive months. The total balance is 27k. (it's a line of credit) and they file a judgement against me but I have no property and a low wage job due to financial hardship.. what will happen then being that I have nothing to offer them?

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  1. First off, it would have to be worth the creditors time and expense to bring the matter to court.  If the creditor can't locate you, or doesn't know where you work, then it might not be worth their effort to escalate the matter.

    This doesn't mean you should re-pay the debt, but you might be able to settle the debt in time for a smaller percentage if you play the creditor right.


  2. Before obtaining a court judgment, a bill collector generally has only one way of getting paid: Demand payment by calling

    you and sending you threatening letters.

    If you refuse, the collector can’t do much else short of suing you. Once the collector (or creditor) does sue and gets a

    judgment, however, you can expect more aggressive collection actions:

    𐂗 If you have a job, the collector will try to garnish up to 25% of your net wages.

    𐂗 The collector also may try to seize any bank or other deposit accounts you have.

    𐂗 If you own real property (real estate), the collector will probably record a lien, which will have to be paid when you sell or refinance your property

    Some collection agencies will agree to settle with you for far less than you owe and then turn around and hire another collection agency to collect the difference.

    However, in many states this is illegal. Once a creditor deposits or cashes a full payment check, even if she strikes out the words “payment in full,” or writes “I don’t agree” on the check, he/she can’t come after you for the balance.

    For more info go to www.harrisandassociatescreditrepair1.com

  3. it will be on your credit report but sometimes they can garnish your wages and make a way for you to pay by taking it out of your check

  4. F____ 'em  don't give in,  fight them.   You can win this or give them a good pain trying to get your money.  Look at it as a good fight.  Dig in.  Good luck friend.

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