What exactly can happen after judgement?

[mo99]

What is the name of your state? Pennsylvania

Once a judgement is made in PA,what eactly can happen? Are you allowed a payment program first or can they actually take property?I understand in PA they cant garnish wages.This is from an unsecured credit card debt.Please address any possible scenerios that can happen in my state of PA.Thanks.

 

[Ladynred]

No, they cannot garnish wages in PA.
They can go after bank accounts - seize and drain them dry.
They can go after any NON-exempt property.

You must claim your exemptions or you could lose them. Most people don't lose any personal property.

You can read PA exemptions here:

http://www.bankruptcyaction.com/paexemptions.htm

 

[JETX]

You can read PA exemptions here:

We talked about this before LNR.
The exemptions for bankruptcy that you provided may, or may not, be the same as for a judgment (as in this case).

The PA exemptions for a JUDGMENT are:
Homestead: None. However, property held as tenancy by the entirety may be exempt against the debts owed by only one spouse.

Pensions and Retirement Benefits: ERISA-qualified plans. Funds exempt for city employees, county employees, municipal employees, police officers, public school employees and state employees. Private retirement benefits exempt if clause prohibits proceeds from being used to pay beneficiary's creditors, to extent tax-deferred, limited to $15,000 per year deposited, and no exemption for amount deposited within 1 year of filing. IRA exemptions for conventional, SEP and SIMPLE plans, subject to above limits.

Insurance: Life insurance annuity policy, cash value or proceeds if beneficiary is insured's dependent, child or spouse. Insurance policy or annuity contract payments, where insured is the beneficiary, cash value or proceeds to $100 per month. Group life insurance policy or proceeds. Life insurance proceeds if clause prohibits proceeds from being used to pay beneficiary's creditors. Accident or disability benefits. Fraternal society benefits. No-fault automobile insurance proceeds.

Personal Property: Bibles. Schoolbooks. Sewing machines. Clothing. Tangible personal property at an international exhibit sponsored by U.S. government. Uniform and accoutrements.

Tools of Trade: None.

Miscellaneous: Business partnership property.

Wages: Earned but unpaid wages.

Public Benefits: Unemployment compensation. Workers' compensation. Crime victim's compensation. Korean conflict veteran's benefits. Veteran's benefits.

Wild Card: $300 of any property.

 

[Ladynred]

You are correct, and in examining the PA statutes against that BK list, there are no appreciable differences - the exemptions in PA suck rocks in either case !!

http://www.pacode.com/secure/data/231/chapter3000/s3123.1.html

 

[mo99]

One final part of this question I would like to know.I am on my way from rebounding from the problems that caused this debt 2 years ago.I plan to give a written response and do want to resolve this matter.Will payments be able to be made to clear this up and when paid are notations to my credit report made indicating this debt was paid?

 

[Tayla]

One final part of this question I would like to know.I am on my way from rebounding from the problems that caused this debt 2 years ago.I plan to give a written response and do want to resolve this matter.Will payments be able to be made to clear this up and when paid are notations to my credit report made indicating this debt was paid?

Request thru the courts that you would like to set up arbitration or a mediator on this matter with the Plaintiff. You'll most likely be paying for the arbitrators/mediators fees. The Plaintiff gets to decide what is acceptable payments.
Keep in mind:
This judgement will adversely affect your credit report. No getting out of that part. Once the debt is paid in full the Plaintiff is required to notify the courts of the "satisfied" judgement. Yes a notation will or can be made on this matter of being a satisfied judgement when reporting to a credit bureau. This information gets to stay on your credit report for seven years ( or longer for public records).