Re: Default judgement entered, now what happens?

Posted by Why Chat (209.240.205.61) on January 25, 2004 at 12:23:43:

In Reply to: Default judgement entered, now what happens? posted by wishiwasalaywernow on January 25, 2004 at 11:59:27:

The legal rate in Conn. for a filed judgment is 10% a year, so to pay it off NOW you would have to come up with the amount of the judgment that was entered against you, add 10% a year for each year you wait to pay it off. Judgments are valid for 20 years in Ct.

You will likely be served with papers requiring you to appear at a hearing where you will have to disclose your assets.This will include joint bank accounts that you are prmary on, as well as individual ones.( There is a $1,000 exemption allowed,but you need to claim it in writing)

If you have a car with more than $1,500 equity (based on wholesale value) it is possible it could be seized and sold.

There is a generous homestead exemption in Ct. ($75,000) so if you are a homeowner you are probably safe from lien.

The most likely step would be wage garnishment -- 25% of your net take home pay.

The time for "settlement" has come and gone, unless you can come up with a chunk of $$ and the creditor agrees to release the judgment for that amount.

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