What should I do to protect my house from judgment?

A creditor has obtained judgment against me. The total judgment amount is $20,000. I can’t afford to pay it. I have a joint property with my spouse. Can the creditor take away my house? What should I do to protect my house?

5 Answers

How much do you have??  With a judgment they have no real motivation to settle...but if you offered them $10-12K in cash, they might bite.

How to Deal with Illegal Loans..OhioGal's Primer
http://www.debtconsolidationcare.com/paydayloan/dealingwith-illegallenders.html
PDL's are ILLEGAL in the following states...
AR, AZ, CT, GA, ME, MD, MA, NJ, NY, NC, PA, VT AND DC
OH AND NH have very restrictive low cost interest rate laws.

SOL for all states
http://www.debtconsolidationcare.com/statute-of-limitation.html

Ok. I will call the creditor. How much should I offer?


Wages cannot be garnished in TX except for federal debt or child/spousal support.  A lien can be put on your home but, as SoapLady said, that won't affect you unless you try to sell the home.  They can levy your bank account in TX, but they rarely do this.

 

Why don't you just call them and work out a payment arrangement?

How to Deal with Unlicensed/Illegal Payday Lenders - Step by Step Instructions

I am not an attorney. I am not offering legal advice. The information and ideas I share are my opinion only and do not necessarily reflect the opinion(s) of the owners of this website.

I live in Texas. What can they possibly do? Can they garnish my wages?


They wont take the house away...but they will put a lien on it which will have to be satisfied before you sell it.  Plus depending on your state, they will be able to garnish your wages and levy your bank bank account.

How to Deal with Illegal Loans..OhioGal's Primer
http://www.debtconsolidationcare.com/paydayloan/dealingwith-illegallenders.html
PDL's are ILLEGAL in the following states...
AR, AZ, CT, GA, ME, MD, MA, NJ, NY, NC, PA, VT AND DC
OH AND NH have very restrictive low cost interest rate laws.

SOL for all states
http://www.debtconsolidationcare.com/statute-of-limitation.html

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