If I get a judgment and have an auto loan that will be paid off in 5 years can the CA or OC try to take my car in 5 years? If so what can I do to protect my car? Would trading it in for a lease be ideal? If the SOLC in california is 4 years does a judgment extend the time the CA can try to collect the debt, garnish wages, bank account, etc?
Judgments in California are good for 10 years, and renewable for another 10. I don't know what, if any exemptions are allowed.
So you are basicly saying that a Judgement overrides the 4 year SOL for california to collect on a written contract (credit cards)? So this will give them the abilty to collect outside the 4 year window?
The SOL basically states how long the creditor has to sue. Once they have excercised that right, and won judgement, the rules for judgements take over. If they get the judgement, about the only way to get rid of the debt is to file bk, because they will generally get their money if you have any income or assets.
Correct, because SOL simply means how long they have from time of breach to time of filing. In California, with a judgment, the legal collection window can be as long as 24 years (4 years to file a case + 10 years once judgment is granted + another 10 years). Given that there can be an interval between the suit being filed and the judgment being granted, it can in theory be longer than 24 years, too. There are limits to how long one can take to complete a case, but they are measured in years, not months. I recall it being five years, but I also remember that it changed, and I can't remember if that's the "before" or "after" number. BK does not necessarily overturn any judgments, btw.
