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I was served a summons for a surrendered vehcile. The ...

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I was served a summons...
I was served a summons for a surrendered vehcile. The vehicle was actioned off for $11000. the loan was for $24317.05. The balace due is $13317.05 plus court interest and court costs thus totaling $16217.96. I am told I must pay this amount in full or a judgement will be filed against me and remain in place for 10 years or until the loan is paid. I dont have this lump sum, hence the reason the vehcile was surrendered How will a judgement effect me ( I already have horrible credit) and how can I get payments established?
Submitted: 9 years ago.Category: Tax
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Answered in 4 hours by:
1/3/2008
Tax Professional: Mic, Business Owner replied 9 years ago
Mic
Mic, Business Owner
Category: Tax
Satisfied Customers: 246
Experience: Business owner, take care of all legal issues and tax work
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HelloCustomer

There are different things that can happen with a judgment. First most judgments are never collected due to circumstances such as yours, however that does not mean that they will not try. Once they have a judgment, they can try to have your wages garnished, take the money from your account(s) if they can find them, place liens on personal property if granted. In some cases they just write them off.

How it affects you of course is by being on your credit for a minimum of 10 years. The reason I say minimum is because the judgment holder can return to the court before the 10 years is completed and have the judgment reinstated to run another 10 years, and this process can continue every 10 years for as long as they want it to go on.

As far as payments go, you can contact them to offer to make arrangements, you may even get them to settle for less if you were able to pay a lump sum to them.

Regards,
Mic
Mic
Mic, Business Owner
Category: Tax
Satisfied Customers: 246
Experience: Business owner, take care of all legal issues and tax work
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