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What is the worst case scenario if an unsecured creditor wins a judgment against an insolvent individual who has no means of paying it?
Wiki User
∙ 18y ago
You question already describes the worst case scenario. The unsecured creditor hires an attorney, spends money to get a judgment and then can't collect the judgment. It is possible that the debtor may become solvent again. Then again, that person could also file for bankruptcy and the discharge could bar you from ever collecting that debt.
Wiki User
∙ 18y ago
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If all unsecured non-priority claims are discharged can a creditor that was included in the discharge have a judgment lien on a property?
Following your supposition, if he had a lien then he wasn't an unsecured creditor, and if only unsecured were discharged, he wasn't.
Can a lien for an unsecured loan be filed against a law suit?
A creditor can sue in court to obtain a lien against a debtor for an unsecured loan. If successful in the lawsuit, the creditor can request a judgment lien that can be used to take the debtor's property to pay the amount due.A creditor can sue in court to obtain a lien against a debtor for an unsecured loan. If successful in the lawsuit, the creditor can request a judgment lien that can be used to take the debtor's property to pay the amount due.A creditor can sue in court to obtain a lien against a debtor for an unsecured loan. If successful in the lawsuit, the creditor can request a judgment lien that can be used to take the debtor's property to pay the amount due.A creditor can sue in court to obtain a lien against a debtor for an unsecured loan. If successful in the lawsuit, the creditor can request a judgment lien that can be used to take the debtor's property to pay the amount due.
Does an insolvent person always have to file bankruptcy?
No, if the debtor is judgment proof (i.e. there are no assets/income for the creditor to take) then there would be no need to file a BK.
Can a lien be put on home in Maryland for an unsecured debt?
Yes. That is what judgment liens are all about. A creditor can sue you in court and if successful obtain a lien against your real estate.
Can credit card debt put a lien on your taxes?
Yes, if the creditor obtains a judgment lien in court.Yes, if the creditor obtains a judgment lien in court.Yes, if the creditor obtains a judgment lien in court.Yes, if the creditor obtains a judgment lien in court.
Does the IRS take priority over unsecured credit when it comes to wage garnishments in New York state?
Yes, the IRS can circumvent most legal procedures when collecting taxes due. A unsecured creditor must generally file suit, win a judgment, enforce the judgment as wage garnishment or other action and do so in accordance with state law.
In Missouri can a credit card company freeze your bank account for unsecured debt that is not paid?
Yes, if the creditor sues the debtor and wins a judgment, the judgment can be enforced as a bank account levy. Unsecured debt simply indicates that there is no specific property attached to the debt, it does not mean that a creditor cannot use a judgment to seize any non exempted property belonging to the judgment debtor. In some states including Missouri, joint marital bank accounts (unless otherwise stated), are considered to be held as Tenancy By The Entirety. This means that a joint marital TBE account cannot be levied when only one spouse is the named as the judgment debtor.
What if the creditor that enters the judgment sells the account to a new company and the old creditor didn't assign the judgment to the new creditor How do you pay off your judgment?
Make your payment to the clerk of courts office in the county your judgment was entered in.
Can a credit card company take a judgment against you if it is unsecured and it has been over 4 years?
It is quite possible,most credit card accounts are unsecured. A creditor can file a lawsuit and if it is won, receive a writ of judgment that can be executed against all nonexempt property that belongs to the debtor. Each state has SOL's that pertain to open accounts such as credit cards. However, the expiration of the SOL does not automatically stop a creditor from seeking collection of a debt. (Macky..macky83@juno.com)
Can they garnish your wages in Pennsylvania for an unpaid balance on an unsecured credit card?
No, PA. does not allow wage garnishment when it pertains to creditor action. Even though a credit card is unsecured debt, that does not mean the creditor does not have legal remedies for collection. They can file a lawsuit, if they win they will enforce a judgment in several ways, bank account levy, liquidation of nonexempt property, or liens against real property.
Can a creditor with a judgment levy a Montana bank account?
Yes, in most cases such such action is possible by a judgment creditor.
How do you pay off a court judgment from a credit card company - pay the court or the lawyer for the creditor or the creditor directly?
You pay the organization/creditor to whom the judgment was granted.
