Can't Pay Large Judgments Against Me

[2much4tv]

I live in Cailfornia, a Senior on a meger income that consists of SS and Retirement. I have pending judgements pending from Discover Card (3,600), Aspire Visa (3,191.00) HSN(11,000) and B of A (5,600). I am unable to pay any of these debts due to high rent, prescriptions and other medical costs. I have no assets, jewelry, property, bank accts, or stocks anymore as they were wiped out by the IRS. Only a car that I must use to get back and forth from the Drs. Once these judgements are entered what will happen next?

[Mr. Knowitall]

Your creditors will try to collect them. If there is nothing they can legally collect, then there's nothing they can legally collect. But that doesn't mean they can't investigate your assets and try.

[SChinFChin]

It appears that you are judgment proof.

I had a lady working for me that had dozens of judgments totally over $200,000 against her, and only one creditor managed one miserable 'wage garnishment" against her part time job, whereupon I informed the creditor that she didn't make enough to qualify even for being garnished.

What the creditor did was to send me an annual "information subpeona" updating information on her earnings. Upon receipt, I would fill in the form, and under comments write "Sorry, same miserable pay, she didn't get a raise".

Depending on state law, which can be very specific, they can try to come after your personal belongings such things as your car, so this employee of mine had her car under her sister's name, and kept no bank or savings accounts. For instance, in NY State, they have to leave you one working stove, one TV, and wedding ring if jewelry is taken. Anything attached to your body, cannot be taken, such as a posthetic leg. Apparently, it was legal to remove at one time.

I happen to know this because my employee got scared and asked me to check what else they would do. As far as I know, no one came by demanding her TV sets. The funny part was while this was going on, she got an offer in the mail for a new credit card, which she promptly accepted and charged on.

[Betty3]

A judgment is good in Ca. for 10 years & can be renewed at the end of the 10 years. However; if there is never any non-exempt assets for them to seize, there will be nothing for them (creditor) to take.

[525601minutes]

How about if 2much4tv has a life insurance policy? Can they attach that?

[2much4tv]

Yes I had one creditor tell me that they would take my stock. He proceeded to call off the brokerage company. What he may have found out by now is all I did was register never bought any stock. The IRS beat them to me for any previous holdings.

[2much4tv]

A judgment is good in Ca. for 10 years & can be renewed at the end of the 10 years. However; if there is never any non-exempt assets for them to seize, there will be nothing for them (creditor) to take.

Thanks, I knew about the 10 yr run on judgements did not know about the renewal.

[2much4tv]

How about if 2much4tv has a life insurance policy? Can they attach that?

I only have term insurance not whole life so there nothing to collect there either.