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Worried Cant Sleep · Posted: Thu Jul 05, 2007 11:17 am Subject: Upcoming Court

Got a letter stating we are going to court for a JUDGEMENT.Havent recived anything yet from the court itself.My question is this....exactly what is a judgement what can they do.This debt is for a vehichle.It was repoed in 2004.Can they take my home?The home was never part of the agreement only the vehichle was collateral.I am sick to my stomach with worry.We are tring to set up a time with a credit counselor nearby.I know we have to do this before we can even think of bankruptcy.Please I just need to know what all could be involved with this.

Posted: Thu Jul 05, 2007 11:28 am Subject:

Ok first of all, take a deep breath (i know easier said than done) I've been there before in ur shoes! Who exactly did this letter come from? Call ur local courthouse and see if there is a suit against u. What state are u in? Also, u should have recieved a summons if this is so, did u?
They can not take ur home but if they get a judgment they can put a lien on it... but let's not put the cart before the horse.. plz answer these few questions first then go from there!
Ang

Worried Can't Sleep · Posted: Thu Jul 05, 2007 11:35 am Subject:

The letter came from the attorney or the collection agency who bought the debt (BTW we recived 1 letter from them before we had to file a response with the court that they were suing) I just recieved their letter today so im sure the court one will be any day now by the Sherriffs office.
INDIANA.
If I can get in to this credit councer thing will it stop the judgement?If no then Bankruptcy will stop it right?

Worried Cant Sleep · Posted: Thu Jul 05, 2007 11:39 am Subject:

Another question what do I need to do to even start the credit counciling and I need to know WHO is STATE approved because this will turn into Chapter 7

Posted: Thu Jul 05, 2007 11:40 am Subject:

Did u answer the summons within the time?
Nothing will stop a judgment on ur credit report if it's won! Even if u pay it off completely, lump sum, it will still show as a satisfied judgment on ur credit report.
Did u register with this site?? If so someone will be calling u shortly and will be able to answer ur questions much better than me. Only speaking thru my personal experience now, i did NOT answer teh summons and was not able to put this into a debt consol program or that's what they told me from this site when they called me. But don't take my word on this, ask them when they call u!!
Again, did u answer the response with the court?
ANg

Posted: Thu Jul 05, 2007 11:42 am Subject:

Welcomt to the forum -can yo give us a little more information? What collection agency is this and how much is the debt for?

Posted: Thu Jul 05, 2007 11:43 am Subject:

Bankruptcy may NOT be a solution for u. As i said in another post, let's not put the cart before the horse! If u can avoid BK it's advisable! Register with this site and someone will call u shortly. I just noticed u were NOT registered...
Ang

Posted: Thu Jul 05, 2007 12:51 pm Subject:

Repo's suck. My husband has been through one but I am forever thankful that we didn't have to go through this.

A judgement basicaly means that someone sued you and won. It means it has to be repaid. What you want to avoid if a jedgement is obtained against you is a lein. A lein is where they look at your assets and then depending on the amount they ensure that you can't see or take a loan out against that asset without repaying them first.

My suggestion at this point would be to sit down with all of your bills and extra assets and work out if you can see an unued asset to pay this off or work out a payment plan that won't leave you starving and out of a home.

Whenever a car is repoed it is resold. Whatever it was sold for is subtracted from your debt leaving you with the remaining balance. The remaining balance must be paid.

Posted: Thu Jul 05, 2007 5:09 pm Subject:

Ok the only chance of beating this judgement is twofold.First it could be vacated for improper service if you were not served or improper venue if you qualify.Next if the repo was not processed in accordance with your state laws,it could be declared null and void.I would suggest using google to find your state laws and become very familar with them.If this is too advanced for you,hire yourself an attorney.

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