Judgement Collection / Procedures

[snappy1]

What state are you in? GA

Can anyone give us a brief rundown or the -basics- for collecting on a judgement for credit card debt or others? How long after they obtain judgement typically do they do what exactly next? what do they need before they can search and seize and what is typical time frame from start to finish? how often they can search and seize property from the home, and same with bank accounts, do they have to set up each time to hit the account or they just take control of the account and check whenever they want to for more funds once they have authority? also how they determine who owns what in the household when they come to take property? what they can and will normally take, etc..

Thank You for any insight you have on this subject..

 

[Debt Guy]

Every situation is different.

Usually, a credit card company will work the account internally until it is charged off -- about six months.

After that, it may be worked internally, sent to an outside collection agency or sold. Different banks do it differently.

At some point, a lawsuit may be brought. This usually happens somewhere between 12 months and 24 months of delinquency. But, it can happen earlier or never happen at all. It all depends on the balance of the account, your credit score and the philosophy of the bank.

If a suit is brought then the creditor is entitled to a judgment. The judgment would then entitle the creditor to garnish wages and bank accounts and to attach assets. But this cannot happen without you being served legal notice of the suit.

If the court approves garnishment, then notice will be sent to the employer or to the bank where your account is. You won't get any special warning this is about to happen. But, again, the garnishment cannot be awarded without you being served legal notice of the hearing, etc.

Attaching assets is a lot harder. Every state has different rules. Some assets are exempt from attachment and again each state has different rules.

It is highly unlikely someone will show up at your front door and what to haul out your furniture. They are more likely to try to attach your home or your car if that is what is comes down to.

If you are asking questions like this, you really should think about bankruptcy.