Judgement

[JayRI]

What is the name of your state? RI

I have had a judgement filed against me for $5600 from an old credit card that I had in college. I tried to set up a payment plan with the attorney's who have filed the judgement but they didn't want to hear it saying, "it's too late for that". I'm just looking for some help here as to what I can possibly do to get this cleared up other than pay the full amount as I do not have the cash.

Any advice would be appreciated. Thanks

[Texas Pooh]

There is little you can do, unfortunately, once a judgment has been entered. In addition, the creditor is likely to start collection proceedings (garnishment, bank account seizures, liens on real property) to collect the judgment. Unless you only have exempt assets, you can expect those actions to start.

Have you made a realistic payment offer? They have no incentive to take token or small monthly payments given the number of options available to them to collect.

[JayRI]

Thanks for your response. I've contacted the attorney's again and they have agreed to take $1000 by the end of the month and then payments after that. Although here's another question if anyone can help.

I am opening a small business (dairy farm) in upstate NY within the next couple weeks. Keep in mind I am renting the farm and do not have a herd as of this point but my question is whether or not the judgement can attack my business assets? I will also be working a regular job and making payments as planned but if I end up with a good chunk of money in the business account, can they go after that? If so, is there a way I can go about opening this business to protect those assets?

Any help would be appreciated again, thanks

[Texas Pooh]

I am assuming that your concern is that a creditor might see a large amount of money in your business acount, and try to seize it rather than wait out the payment plan.

If you make all your payments as you have committed to do, and the settlement agreement is in writing, then, no, there will be no reason for your business assets to be at risk.

If your concern is something other than that (like defaulting on your payment plan and hoping that your assets can be protected in your business account), you are not going to get much advice from this forum on how to hide your assets from collection.

[JayRI]

Originally Posted by Texas Pooh

I am assuming that your concern is that a creditor might see a large amount of money in your business acount, and try to seize it rather than wait out the payment plan.

If you make all your payments as you have committed to do, and the settlement agreement is in writing, then, no, there will be no reason for your business assets to be at risk.

Thanks you for this answer. That's what I was looking for. Your help is greatly appreciated