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Judgment against me for an old loan

by Peg
(GA)

My spouse is not on this loan. My car is paid for, and it is in my spouse's name and my name. Can they take the car?

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Judgment against me for an old loan

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Oct 27, 2010
 judgment debt
by: Gerri

Peg,

You don't mention how much this debt is for, but according to our sources, $3500 of equity in a vehicle is exempt in Georgia. Having said that, we would strongly encourage you to at least get a a free consultation with a bankruptcy attorney in your state to find out for sure what property you own is safe from the judgment creditor, and what is not.

If you are indeed "judgment proof" (nothing they can go after) then you may want to try to negotiate a settlement with this creditor in order to put this behind you. In most states, judgments can be renewed, which means they never really go away. And just because there is nothing they can go after now (if that's the case) that doesn't mean your financial situation won't change in the future. If it does, they may try again to collect.

It's very stressful, as I am sure you aware, to have this always hanging over your head. The attorney can help you evaluate your options and you may even be able to hire him or her to help negotiate a settlement if you can't do that on your own.

Hope this helps! Do let us know how it turns out for you.
Oct 28, 2010
 Judgment against me for an old loan
by: Peg

The loan was for 5,000.00 and I paid on it for couple of years. (Now these debt collectors want about 10,000.00.) I had stroke and was unable to work. I also had disability insurance on the loan, which my doctor was supposed to submit a form for me and it was never done. Within a year, I had a heart attack and a quintuple coronary bypass, (which I had 3 stokes during the surgery.) Since then, I've had 11 angioplasty procedures, I have 6 stents in my heart and one in my leg. Needless to say, that loan has been on the bottom of my list of concerns in life. I have an appointment Friday with bankruptcy attorney, which I'd rather not file on one old debt. Guess I will see what happens, hopefully get this off of my back. I don't need the stress.

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