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JanetAllman · Feb 3, 2008, 02:07 AM

I received a summons for non payment of a credit card. It states that if I do not respond a judgement will be filed against me.

What is a judgement against a credit card and what does this affect my assets?

Thank you!
Janet

raejae · Feb 3, 2008, 07:42 AM

You didn't say if you are working, retired, etc. So, not knowing your source of income and the amount of the debt makes it hard to answer the question. But, in general, if you are working at a job, they can get a judgment against your wages with a garnishment, or on your bank accounts. If you really can't pay the debt, consider working with them on small payments, or consult an attorney about bankruptcy if it is big, or if you have several bad debts. Especially, if you have good assets that are attachable... BUT... You will be notified by a court of a date to appear, so don't let the letters scare you.. Wait until they DO IT.. especially if is a small debt. You will have plenty of time to make a decision then. In the meantime, rest assured that the unpaid debt has already hurt your credit. I reread your question, and noticed you said you received a summons.. If it was from a court, GO.. You won't win, but go anyway. If it's a threat letter from the credit card company. Then wait.

Fr_Chuck · Feb 3, 2008, 09:45 AM

A judgement is a court order that allows them to do varoius things depending on where you live. In some states in the US, they may garnish your earnings, attach your money in the bank account, get a lien on property and more.

Some states have limits to what they can do.

Also one of the main things, the debt no longer falls under the statue of limiations, judgements can be good for 7 to 10 years and can be renewed a second time normally very easy, so they can basically keep collection on the debt for 20 years, instead of the few allowed under statue of limitaton.

ScottGem · Feb 3, 2008, 10:09 AM

You should answer the summons. I suggest you read the many threads posted here by people in similar situations. It will help you understand how to deal with this.

Helpman · Feb 3, 2008, 08:41 PM

Very good explanation in previous threads, my advice is talk to the collection agency and negotiate payment terms, they usually reduce to 50%, if you can afford to pay and it is valid debt pay it off before it will mess up your credit rating and score