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RobertJDFL, Attorney
Category: Legal
Satisfied Customers: 13752
Experience:  Experienced in multiple areas of the law.
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My question is if the judgement is 3400.00 can they

Customer Question

My question is if the judgement is for say 3400.00 can they take more.
Submitted: 1 year ago.
Category: Legal
Expert:  RobertJDFL replied 1 year ago.
Thank you for using Just Answer. The answer is yes and no -let me explain. When a creditor gets a judgment against someone in court, typically the court order allows them to collect fees, costs, and annual interest until paid. So, for example, a person may have an original credit card debt of $3,000. But, the judgment after being held liable for the balance, plus the creditor's filing fees and attorney fees, plus annual interest, means a judgment could be say, $5,000 or more -even though the principal debt was less. Also, a creditor who obtains a judgment can seize assets worth more than the judgment amount -but if the item is sold for more than what is owed (after fees and costs are assessed), a debtor is entitled to the balance. So, for example, if I default on a loan and owe $10,000. The creditor seizes a classic car that own to satisfy the debt. The car is sold at auction for $12,000. That's more than the judgment, so I'm entitled to whatever is left over after all the fees -towing of the vehicle, storage, auction fees, etc. If you need clarification or additional information, please reply, and I'm happy to assist further. Thank you.
Expert:  RobertJDFL replied 1 year ago.
Did you need additional information? You have not yet left a positive rating, so if you need more information, kindly click on REPLY and I'm happy to help. Otherwise, remember that this is not a free website, experts work on the honor system, and we are only paid if you leave a positive rating by clicking on the stars/happy faces.