Don’t be SCARED, Be PREPARED.
Today’s episode is about how to avoid credit card debt judgment and Liens . even if you get sued we are gonna talk about how to avoid the creditor or debt collector winning in court and how to protect your assets so that there’s no reason for them to put a lien on your property.
As a full-time real estate investor, I can’t tell you how many times I have cleaned up liens on properties in order to buy a house. Liens are not nearly as big a deal as people think. That being said, a little bit of planning ahead of time will go a long way to protecting you and your assets. The tagline of this video is don’t be scared, be prepared. And that’s what I’m mostly going to concentrate on in this episode. Preparing you ahead of time. That being said, this information is also valuable if you’ve not prepared ahead of time; there are still plenty of ways for you to protect your assets even if there are lawsuits looming on your horizon.
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What is a Judgement?
If you’re in default on a credit card account, the credit card company can try to get a judgment against you by filing a lawsuit. Now I have to say that typically they don’t do that unless you owe them a particularly large sum of money. If they do get the judgment however they can use all sorts of collections methods to get paid.
A judgment is in order by the court. It gives a creditor the right to use additional collection methods to collect the debt that is owed to them.
Judgments typically consists of four components. The debt itself or perhaps discounted part of the debt if the judge knocks off some of the money in response to a defense or counterclaim. Interest including interest you owed prior to going to court for every month that you were late or didn’t pay, court costs which are typically allowed awarded to the winner of any lawsuit, and attorneys fees which again are typically awarded to the winner of any lawsuit.
