Where can I find more info on credit card debt? I would like to know what a statute of limitations is, what is a judgement, what happens when someone is served a judgement, how is a judgement enforced, can a person be jailed for failing to pay before and after a judgement is served? Is there a place that a person can check the status of their credit card debt and can they work out a settlement for less than the actual debt? I know absolutely nothing about this stuff and enquire out of concern for someone else.

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Originally Posted by ooops

where can i find more info on credit card debt? i would like to know what a statute of limitations is, what is a judgement, what happens when someone is served a judgement, how is a judgement enforced, can a person be jailed for failing to pay before and after a judgement is served? is there a place that a person can check the status of their credit card debt and can they work out a settlement for less than the actual debt? i know absolutely nothing about this stuff and enquire out of concern for someone else.

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Lets's see if I can answer all of this -

The Statute concerns collection of the debt (not the life of the Judgment) and is by State (differs from State to State) and also by the type of debt in some States - credit card, contract, whatever is involved. A Judgment is valid for between 7 and 10 years (depending on the State) and can be renewed at least once (also depends on the State) and no Statute is involved.

A Judgment is enforced through liening property, seizing bank accounts, a garnishment against paychecks.

You cannot go to jail for failing to pay a debt or Judgment - you can go to jail for avoiding payment through fraud (working under another SS number, bank account in another name).

After the Judgment is granted there is no reason for the creditor to negotiate a lower amount - they already have a Judgment in the full amount. The amount of the Judgment will be right on the Judgment papers.

Now - if you're talking about getting served with a Summons it's a whole different process and procedure involving defending your claim, asking for proof, Statute of Limitation and so forth.

But if you are asking about a Judgment - it's as I've stated above.

A Statute of Limitations is the time limit by which time legal action must be filed. In the case of a debt, it's the time in which a suit must be filed. It varies from location to location and according to the type of debt. Also what action starts or restarts the clock may vary.

In the US there are credit reporting agencies that list the status of debts.

A judgement is when the plaintiff wins the suit and is awarded a monetary amount. The plaintiff then has to go and find the debtor's assets to attach if the debtor doesn't pay.

Creditors will negotiate under a variety of conditions.

Thank you for the info -i think it was actually a summons that was not yet served on that credit question what is the difference?