Re: Levy

Posted by Why Chat (12.77.155.223) on August 09, 2002 at 17:41:47:

In Reply to: Re: Levy posted by Judy on August 09, 2002 at 07:46:53:

Well.... what do you mean by "useless"?
If it is a sizeable debt, and it is the original creditor, they are required to take reasonable steps to collect, or their "write-offs" are disallowed. In addition, a judgment is good for many many years. So, if say 3 or 4 years from now a "computer sweep" of their judgment credit reports shows you have just purchased a new car, have a new job,or show other assets,they can seize accounts or garnish your wages then. Plus if you have a judgment on record it will prevent you from buying a home.
From a practical point of view, generally speaking ,if the debt is under $5,000 and your report shows no assets, they will probably not file.

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