What is a judgment and how will it effect me.?

Question

I gave up my vehicle through a voluntary surrender. This was my only option since I am unemployed and struggled for over 1 year every month to pay the note. They sold the vehicle at auction and I now owe a balance. The credit called and said I will be taken to small claims court and/or a judgment placed? What exactly is a judgment is what is the process?

Answer 1

A judgement is a court order to pay a specified amount usually the balance or difference of sell price. Try to negotiate the terms and amount. It will also be placed on your credit report that someone had to take you to court to try and collect a debt. It can- but usually do not...lead to them garnishing your wages.

Answer 2

you will get notice of a court date-- they will if you have not paid the deficiency balance get a judgment for that amount plus cost and atty fees. They can place a lien on your home and garnish your wages until paid

Answer 3

A judgment is an official court decision that says that you still owe money for something. Even though you gave the vehicle back, you may still owe for a couple of months of payments, excessive mileage, damage to the vehicle, or some other sort of fee.

Judgments can result in wage garnishment (they hold the money from your paycheck), tax refund confiscation, or liens against other titled property that you may own.