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How likely is it for American Honda to file a judgment for a voluntary repossession if all your other bills loans and whatnot are in good standings?
Wiki User
∙ 13y ago
Virtually 100%. When/how long? That's the question. Usually within 2-3 months, but not always. The state in which you reside has laws (statute of limitation) dictating how long the term can be, and whether or not you make efforts toward repayment.
I live in NC an my debt is in the amount of 12000 and MRS Associates is trying to settle for 6900. Should i settle? Not sure what to do.
Wiki User
∙ 13y ago
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Can a creditor refuse a voluntary repossession and still demand payments?
yes, as this would make it easier to obtain a judgment and/or wage garnishment for whatever is owed.
Can you remove a repossession off your credit report if your cosigner has a judgment on the repossession?
No you cannot remove a repossession off your credit report if your cosigner has a judgement on the repossession.
Repossession car can they put a judgment on you for the balance?
yes
Can a judgment lien be constructive or voluntary or general or specified. What?
A judgment lien is an involuntary lien.
Can a lien be placed on a house for voluntary repossession the state of Texas?
There are no legal differences between the borrower voluntarily relinquishing a vehicle or the lender having to initiate repossession action (with perhaps the exception of additional monetary charges). If an outstanding balance remains on the original loan amount after the vehicle is sold at public auction the lender can file suit to gain a judgment against the borrower for the amount still owed. If a judgment is awarded the judgment creditor may execute it according to the laws of the state. This being the case it is possible for a judgment holder to place a lien against real property owned by the judgment debtor.
What is a voluntary judgment?
A voluntary judgment occurs when the debtor agrees to the charges against them from their creditor. A court will act as a mediator to finalize a payment arrangement that the debtor offers to the creditor.
Can a judgment be placed on you due to a deficiency in a repossession?
Yes, the lender can file suit for the outstanding amount and if they receive a judgment they can execute the judgment in the manner in which the laws of the judgment debtor's state allow.
Can your wages be garnished for the repossession of a vehicle in Louisiana?
If the lender decides to sue the borrower and wins a judgment, the judgment can be executed as a wage garnishment
Can a lender garnish your wages after a voluntary repossession in Georgia?
Yes, if the lender wins a lawsuit judgment they can execute the judgment as a wage garnishment. Georgia follows federal garnishment guidelines of a maximum of 25% of disposable income with the first $154.50 (weekly based) being exempt from garnishment action. A valid garnishment is generally imposed until the debt is paid.
How long does a repossession remain on a credit report?
7 years if there is no "new action" on the particular account. "New action" means if you were to start paying on it or if the financier were to get a Court judgment on the loan. By the way.......A voluntary repossession (turning in the car before it go to collections) is the SAME as a regular repo. It will be listed on your credit in the same manner unless tou have negotiated a new termination clause wiyh the lender.
Can a judgment be put on you for an auto repossession from 15 years ago even if there has never been a judgment for it?
Call a local attorney for state specific advice on the SOL.
Can they garnish the wife's wages for a repossession in Florida if the husband is out of work?
YES, if they get a judgment against you, garnishment is next.
