rolee said:
On Friday I will have a judgment filed against me in New Jersey. The debt is from 1994, and in a previous question I was told that nj has a sol of 6 years on a written contract (car loan & repossesion). Does the fact that the car was purchased in Mississippi change the sol?
After the judgment is granted ($6300) are these judgments ever negotiated down? ie %50 settlement. I have no assets, and i do not own a home.
My response:
If the car was purchased in MS, the S.O.L. is 3 years from the date of last payment.
It sounds to me like you moved to NJ after buying the car in MS. Further, it may be the case that they sued you in MS, but because you failed to appear in court, they took your default. Then, because you live in NJ, they had the MS judgment recognized (Sister State Judgment) by the State of NJ, and now they are taking you into court in NJ on a "Debtor's Examination" to find out where your assets are located.
Remember, judgments are good for up to 20 (twenty) years, and until the judgment is paid in full, including interest, and all other costs, they can take you into court each and every year for a "Debtor's Examination".
The chances are slim that they would reduce the judgment, and take less. While it's possible (anything is possible), it's unlikely. Why would they? What would be the "lawful consideration" to enter into a "novation" agreement?
IAAL
[Edited by I AM ALWAYS LIABLE on 12-12-2000 at 04:32 PM]
