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  1. #1
    Join Date
    Feb 2010
    Posts
    2

    Unhappy 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??????

  2. #2
    Join Date
    Apr 2007
    Location
    Il.(near StL,Mo.)
    Posts
    5,252

    Default Re: Goin to Court Today

    If they get a judgment against you, they can seize all non-exempt assets that your state allows.

    Here is a link re judgments in Ga. including exempt assets.

    http://www.lawdog.com/states/ga/judm.htm

  3. #3
    Join Date
    Sep 2005
    Location
    Behind a Desk
    Posts
    98,846

    Default Re: Goin to Court Today

    But note, that site's content hasn't been updated for a long time.

  4. #4
    Join Date
    Apr 2007
    Location
    Il.(near StL,Mo.)
    Posts
    5,252

    Default 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.

  5. #5
    Join Date
    Feb 2010
    Posts
    2

    Default 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

  6. #6
    Join Date
    Apr 2007
    Location
    Il.(near StL,Mo.)
    Posts
    5,252

    Default Re: What Happens if a Creditor Gets a Judgment

    You're very welcome.

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