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Unfortunately I have only one answer and it seems that its not complete.
Anyway, I repeat my question here again:
I have 50000 debt on my credit cards. I live in California and the SOL is 4 years.
I know after 6 months it will be write as chargeoff (all debt on credit cards), how long after that I should expect the Judgement? 1year? or more?
My second question is:If my spouse has a house, will they (Creditors) take it? The house owner is my spouse. We bought it a year ago. Are creditors able to ask the court to take some assets that belong to my spouse?
Thanks,
Sha
credit
FIRST Question: A Judgement can stay on your credit for 7 years. SECOND question: I'm not sure about the courts taking your home. An expert, from the Forum, should be by shortly to answer THAT question. Sorry..I just don't know the answer.
i suppose i have tried my best to answer your question in the same forum with your previous thread will you please tell me where it was lacking? any specific thing? plz reply. i am here online... :wink:
Thanks
Hi Sha
The creditor can bring judgment against you to recover the debt so long as the Statute of Limitation on the debt has not expired i.e, 4 years and six months from the date of your last payment towards the debt. Once the SOL has expired, the creditor can no longer recover the debt.
The creditor cannot take the house, they can only put a lien on the property. However, since the house is in the name of your spouse, they cannot put lien on it.
justin
this is really a nice piece of information about this particular topic.rather i was in dilemma what is the proper answer for this specific question.now i am clear about this kind of question.
thanks :idea: