In most states creditors may file an Application for Renewal of Judgment. Therefore you cannot count on or expect the judgment to just go away. Having a judgment lurking over you long term may prevent you from refinancing/selling your home or obtaining a car loan at a reasonable interest rate. So, what exactly happens once a creditor does win a judgment?
The creditor may complete a Writ of Execution. Legislation in each state is slightly different but generally the creditor may have the right to:
- Levy your Bank Accounts
- Garnish your Wages (Up to 25% of your Paycheck)
- File a Lien against your Property
If you own a business the creditor can pay the local sheriff to "Till Tap" your cash register or hire a "Keeper" who will collect the cash receipts of the business to repay the judgment award plus fees. This is detrimental to businesses who rely on such cash flow to survive their operations.
How Can PriceDebt Help You?
Once you appoint Price Debt as your Attorney-In-Fact we will contact your creditor or the attorney of your creditor to help achieve an amicable resolution. You, as our client, Name the Price to Settle your Judgment. Just tell us how much you are willing and/or able to pay and we will work with your offer to negotiate settlement. Settlements can be offered in lump sums or over payment terms. You pay us Nothing up front. We are incentivized to get the deal done as we will be working for free up until the point that the settlement is agreed upon and placed in writing accordingly. Once a settlement is approved, you only pay the amount that you agreed to pay as our fee will already be factored into your offer. If settlement cannot be reached, you pay nothing. Essentially, this process is risk free.
Other Things You Should Know:
If you have sold your home and you do have a judgment against you, be certain that when the sale goes through escrow the awarded judgment amount will be paid to the creditor before you receive the funding that you were anticipating. Do not wait to the last minute! If the creditor becomes aware that you are selling your home, why would they want to settle the judgment for less? The large banks can afford to wait for this prize, at your expense. Perhaps the sale of your home was intended to fund your retirement. Or, maybe you were selling your home and rolling the money into a new property. If the creditor takes this money, you just lost your down payment.
Satisfaction of Judgment!
Settlement accomplished! At Price Debt we will make sure that not only is your account settled in full, but we will be diligent to ensure that the creditor's attorney files a Satisfaction of Judgment with the courts. If this process is not done correctly, you may experience problems with the judgment in the future.
Why PriceDebt?
Don't try to act on your own. We have experience in negotiating settlements and in many cases, we have relationships with creditors, agencies and attorneys. We alleviate your time and stress from dealing with the negotiation process and we will find you the best price and ensure that the process is handled correctly.
Sign Up Today:
Complete the online form at: www.pricedebt.com/enroll
or call us at: 800-931-6920
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