What Happens if a Creditor Gets a Judgment
My question involves collection proceedings in the State of: georgia
i wife is goin to court today (i am outta town working, did not know about it till this week when the lawyers collection dept called me)
if they win judgement against me, what is goin to happen next???
my only assets are a auto worth about 5000
auto worth 10,000 and owe 17,000
mobile home worth 5,000 and owe 25,000
land worth 100,000 and owe 80,000
two semi trailers worth about 10,000
me and my wife own small businesses both made no money last year, we make good money when the economy is good, this is why we have the credit card balance, and planned on paying it off as soon as money starts comin back in
we had a 16,000 debit and the collection agency is suing for 21,000
we tried to settle outta court and they said they will just take us to court and get everything cause they have a strong enough case
my biggest question is what are they gonna take, or are they just gonna put leans on everything??????
Re: What Happens if a Creditor Gets a Judgment
Ok, well then, from the US Chamber of Commerce 2008 - Ga. post-judgment asset exemptions:
Homestead: Real property, including co-op up to $10,000, married couple may double. Unused homestead up to $5,000 may be applied to any property.
Pensions and Retirement Benefits: ERISA-qualified retirement plans, plans for public employees and non-profits, and Social Security benefits. Other pensions and retirement benefits and annuity payments (including IRA exemptions for conventional, SEP and SIMPLE plans) exempt only to extent needed. Distributions limited to amount necessary for support of debtor and dependents, but undistributed balance is fully protected. Roth IRAs and regular IRAs up to $1,095,000 per person. Warning: A Georgia court has held that protection does not extend to self-funded IRAs.
Insurance: Annuity and endowment benefits. Disability or health benefits to $250 per month. Fraternal society benefits. Life insurance proceeds if needed for support. Unmatured life insurance dividends, up to $2,000 in dividends, interest or loan value, if debtor or dependent is the insured.
Personal Property: Burial place. Jewelry to $500. Motor vehicles to $3,500. Personal injury recoveries to $10,000. Wrongful death recoveries. Animals, crops, clothing, books, household goods, musical instruments to $300 per item, $5,000 maximum.
Tools of Trade: Tools and implements up to $1,500.
Miscellaneous: Alimony. Support and separate maintenance exempt to extent needed for debtor's or dependents' support.
Wages: Minimum 75% of earned but unpaid wages for private and federal workers. State employees'/officials' salaries totally exempt from claims relating to liability incurred in scope of government employment while responding to emergency.
Public Benefits: Workers' compensation. Unemployment compensation. Veteran's benefits. Aid to blind and disabled. Crime victim's compensation. Local public assistance. Old-age assistance. Social Security.
Wild Card: $600 of any property; and unused portion of homestead exemption.
Re: What Happens if a Creditor Gets a Judgment
thank you for the responses, she went to court today and they went out in the hallway and accepted our offer of 9300.
i think i finally learned my lesson on credit cards and a job that is either feast or famine.
thank you so much for what yall do for us that have no clue whats goin on in a court room
Re: What Happens if a Creditor Gets a Judgment