It has been said that there are only two guarantees in life: death and taxes. Unfortunately, there is a third promise. You can be sued by creditors if you are in default on your debt. They can take money from your salary and even from your bank account! But what if you are underemployed, unemployed,…
Worrying about a possible pending judgment can keep you up at night worried sick about what your future holds. The uncertainty of not knowing if your money will be accessible in the morning can be very stressful. Here are a few things for you to know to protect yourself. Creditors cannot take more than 25%…
A lawsuit of any size can negatively affect a defendant who finds themselves ordered by a court to pay a debt to a creditor or plaintiff. You could be the average person who lost a small claims court case to a former friend. Another scenario could be the well-off small business owner slapped with a…
If you have fallen behind on a bill payment, your creditor will have the right to attempt to sue you and collect the past due amount through a judgment. If approved, the creditor will have a variety of ways in which they can collect including withdrawing from your bank accounts, forcing you to sell assets,…
If you have past due debts, a creditor can call you incessantly, but can’t actually make you pay without filing a lawsuit. If they are successful, the courts will grant them a money judgment for the amount that you owe. Once that has happened, the creditor will be able to go after your assets in…
First and foremost, before discussing what judgment proof means, what exactly is a judgment? A judgment is “A decision by a court or other tribunal that resolves a controversy and determines the rights and obligations of the parties”. In other words, a judgment is the final part of a court case which ends the lawsuit. A judgment…
In today’s seemingly sue-happy society, one has to plan for asset protection. You work hard to save money, plan for retirement, and buy stocks, bonds, CDs, real estate, and vehicles. After all, isn’t having financial security considered part of the American dream? It can be scary to think that a resentful neighbor, or an unceasing creditor, can…
What is judgment proofing? According to nolo.com: “When a creditor sues you and gets a money judgment against you, it has a variety of methods it can use to collect on that money judgment… However, if you don’t have any income or property that the creditor can legally go after, then you are what is often…