i've been so stressed out and it's not even funny. it was a bad business venture and now i just got a letter from the bank's lawyer stating a judgment in the amount of $50k was entered against me. It was an UNSECURE line of credit that was used to purchase property and to fix them up. We went about things the wrong way and ended up losing a lot of money. Anyways, the letter states the sheriff MAY come after my money and other properties to satisty the judgment. I dont owe anything and I am currently living with my family. I dont need someone knocking on my door harassing my family taking stuff out by the boxes! I'm so nervous I dont even know what to do. My car is in my dad's name and the house is in their name. I currently live in Pennsylvania so the good thing is they can't garnish my wages. I just got a new job and I'm moving in a month so I just want to be able to put everything behind me. Does anyone know what MIGHT happen? They'll never see the money again and I sure as hell don't have any money in my bank. Can they go after my bank accounts?
If the bank truly has a judgement against you, they may have a number of options: a judgement establishes their right to that money -- and you do owe the amount if they really have a judgement. They may go after bank accounts; unsecure debt just means there's no particular thing that the creditor has a right to before other creditors. The holder of a judgement can still possibly find anything you own now or in the future, and have order made for it to be seized, if you fail to pay the judgement.
my only concern is what can they come after at the moment? can they just freeze my bank accounts like that? wouldnt they warn me? i dont want them knocking on my mom's door looking to haul stuff out. like i said i dont have anything in my name but i dont need them to bother my parents.
I would refer to this thread: http://consumers.creditnet.com/Discussions/showthread.php?t=63626&highlight=seize
Yes they can freeze your bank accounts and take all the money out...with NO warning. If that happens, your safe deposit box will be frozen too.
First I would ask for a copy of the Judgement, or check your reports to see if it actually exist. If they knock on your door just tell them nothing is yours except the clothes you are wearing.
thats my plan, i plan on moving my persoanl stuff out anyways. the house belong to my parents so i doubt they'll take their stuff. what happens after that? im contacting a few lawyers tomorrow anyways.
