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judgement
- Thread starter Kanchazi
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OP - Delete your other post and keep successive questions/posts on this subject in one thread, so that readers can follow.
As to your question, there is no need for formal proceedings post-judgment, but the judgment creditor(s) will need to obtain a court order showing the right to levy, seize, garnish or whatever they do to enforce. It's normally called a writ or a Notice of Execution.
Sorry to hear about the judgment, but you saw that coming.
Is your post-judgment proposal going to be seen as reasonable? There's a lot that we don't know, starting with your present financial status and future asset prospects. We also don't know the specifics of your payment plan, but I'm going to take as a matter of faith that you're not contemplating just one or two payments a year.
I trust that you want a candid answer. If I'm your judgment creditor, the answer is no, I reject the offer. I'll explain why and why others who are posting are so often encouraged to try to settle just debts, rather than having them go to judgment.
Whatever your exposure was yesterday, today it's over $8,000 and I'm being conservative - but let's work with $8,000. We don't know the interest rate, but let's go with the minimum postjudgment. In Florida, it's 10% (but can go as high as 18%). At 10% over the 5 years you want to pay, today's judgment is over $13,000. You're not offering 40% of what you'll owe me.
Sure, there's a present value to the money, and maybe if you offered 40-50% of today's judgment today, I'd think about it (briefly). But for >40% of my 5-year entitlement, I'm only going to accept if I'm cash-poor right now.
That's just one opinion. Others may like your offer. I hope debtcollector takes a look and decides whether he could sell it to a client. I don't think that I could.
The Ford lease? Forgot about that part of the question. Well, if it was your vehicle and they tried to execute on it, you could exempt up to $1,000.00. Since it isn't yours, I have no idea what they may be willing to do. I can tell you what they could do, if they chose: they can identify the source(s) of funds that you use to make the lease payments and take those. Like all states, yours recognizes some minimal exemptions for the "necessities of life", but that doesn't mean that they couldn't have you driving a rent-a-wreck.
TigerD
Senior Member
No it isn't reasonable. It fact it is quite silly.Kanchazi said:
The state set the judgement interest rate at 7%. Attorney's fees (I'm guessing) are at least $200. So I will round to $8,000 to make my math easier.
$8,000 * .07 = $560 Also There will be some variation because the state of Florida calls for the computation of interest "DAILY", which is .0001918 per day.
This means you are offering to pay $440 per year * 5 or $2200 over 5 years on an $8,000 debt.
DO YOU REALLY THINK THAT'S REASONABLE?
If so, you are in for a world of education -- expensive education. Because every time they vsit the court to do something regarding this judgement -- you get to pay for it.
Turn in the leased Ford buy a pinto and pay your bill.
DC
PS For Chien and other interested people:
The Florida 2005 Judgement interest rate was set on Dec. 1 2004 See a copy of the memo here: http://www.fldfs.com/aadir/aam0505.html
Thanks DC. Damn. Everytime I think I've found a reliable source, they slide on me.
OP - I expected something like that analysis from DC. Not saying "I told you so", but your plan doesn't fly. Quit shaving the dice your way and do whatever it takes to get rid of this. You just keep hearing again and again, "it's going to get worse".
OP - I expected something like that analysis from DC. Not saying "I told you so", but your plan doesn't fly. Quit shaving the dice your way and do whatever it takes to get rid of this. You just keep hearing again and again, "it's going to get worse".
debt collector ty for reply also chien. Debt collector after reading all info on these sites I realize that I am judgement proof. I am going to try and pay something if they dont agree I will file BK. So the question to them is do they want $5000.00 or zero. If you are wondering why file BK is because I dont plan to be Judgement proof forever or worry that I cant ever have money in a bank account.
TigerD
Senior Member
VERY VERY VERY few people are judgement proof -- it depends on hard the creditor is willing to work to collect.Kanchazi said:
If I was feeling spiteful -- I'd seize and sell your old sweat socks if I couldn't get anything else. Just to make you sweat. Although, realistically I don't collect on judgements and frankly if there isn't any money there it isn't worth my time. As I tell my collectors every day -- it isn't personal, it money.
As for filing BK, I find that unliekly. If you have the income to qualify for a leased vehicle, you are going to have to pay. The new BK laws are wonderful for my industry. Maybe not as much as the CA would like, but a lot more than you offered.
DC
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PS I hear debtors say things like "Take this or get nothing" all the time. What they and you appearently don't understand is that they, and you, aren't in control of the process. The collector is -- more so when it is enforced by the court.
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