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How likely are judgements to be renewed?
Posted on 1/7/10 at 3:54 pm
Posted on 1/7/10 at 3:54 pm
In Louisiana, via credit card collection agencies.
3
Posted on 1/7/10 at 3:58 pm to CommanderHeavy
renewed?? Need more info
Posted on 1/7/10 at 4:06 pm to Catman88
Let's say someone racked up debt around 14 years ago. 7 years ago creditors took the person to court and got a judgement filed against them.
After this, they have not attempted to garnish wages, likely because the person doesn't make much money and/or it is cash.
In 3 years the judgement will expire (louisiana SOL). The creditor could file to have the judgement renewed which would extend it another 10 years.
During these next 10 years, if said person ever gets a job they could get their wages garnished. (theoretically).
After this, they have not attempted to garnish wages, likely because the person doesn't make much money and/or it is cash.
In 3 years the judgement will expire (louisiana SOL). The creditor could file to have the judgement renewed which would extend it another 10 years.
During these next 10 years, if said person ever gets a job they could get their wages garnished. (theoretically).
This post was edited on 1/7/10 at 4:08 pm
Posted on 1/7/10 at 4:13 pm to CommanderHeavy
Ohh I see what you are saying.. RMC might be able to answer this better but I would have to say after they didnt collect in the first place they are less likely to try to collect again however I would be more concerned in year right before year 10 when the account will generally set off a flag to review.
Posted on 1/7/10 at 5:31 pm to rmc
Interesting. Thanks.
Posted on 1/8/10 at 7:59 am to CommanderHeavy
This person is having problems finding judgements, to know who to pay what amount.
The judgements are apparently 9 years old and are nit listed on the credit reports! How would a lender find out about it?
The judgements are apparently 9 years old and are nit listed on the credit reports! How would a lender find out about it?
Posted on 1/8/10 at 8:43 am to CommanderHeavy
To answer your question,
Very very very unlikely...Less than 5% chance it will be renewed.
Very very very unlikely...Less than 5% chance it will be renewed.
Posted on 1/8/10 at 3:33 pm to CommanderHeavy
How long do judgments stay on credit reports anyway?
Posted on 1/8/10 at 4:19 pm to LSUAJB
Apparently the usual 7 years, but that doesn't mean they went away. I believe the SOL on them is 10 years as far as getting it enforced and they can be renewed fir an additional 10 before they expire.
I suspect when it is renewed it will re appear on the credit report. Somebody correct me if I am wrong.
I suspect when it is renewed it will re appear on the credit report. Somebody correct me if I am wrong.
Posted on 1/23/10 at 12:42 am to CommanderHeavy
what if you payed the judgement. when will it come off your credit report?
I found out i had 2 against me when I bought my house. One I paid, even though it was wrong, but paying it was cheaper than fighting it. The other i wasnt aware of it. its been about 6 yrs. what are my options on that? any help?
I found out i had 2 against me when I bought my house. One I paid, even though it was wrong, but paying it was cheaper than fighting it. The other i wasnt aware of it. its been about 6 yrs. what are my options on that? any help?
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