I have a judgment hearingregarding credit card debt,what assets are at risk?

Get Legal Help Today

Compare Quotes From Top Companies and Save

secured lock Secured with SHA-256 Encryption

I have a judgment hearingregarding credit card debt,what assets are at risk?

The debt is approx $1,800. I only have 1 bank account with a few hundred dollars and no property of value, except a truck and motorcycle but both have loans on them. Can be forced to sell them once I get the judgment against me?. I am also unemployed. I do have some left over financial aid money coming, can they attach that? Is there any defense I can take short of bankruptcy? I read somewhere that a man had his case thrown out because the collector never attached a copy of the original contract to the summons, is this a possibility? Is there any kind of statute of limitations on being sued (I believe it has been over 4 years now since the debt went bad)?

Asked on February 28, 2011 under Bankruptcy Law, Pennsylvania

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 13 years ago | Contributor

1) It appears that the statute of limitations on credit card debt in PA is 4  year, so you might have a defense based on the statute of limitions.

2) Yes, a case could be dismissed if the paperwork is not filed or served correctly, but that's generally just a temporary reprieve; it is almost always a dismissal "without prejudice," which means that the creditor can try again and refile the case.

3) If the vehicles have loans on them, then unless the loans are almost paid off, it's unlikely a creditor would try to reach them at this point, since the secured creditor (e.g. the one who loaned money on the vehicle) would have first call on any proceeds from selling them.

4) Any money you receive is something the creditor could potentially try to reach.

5) Note that the statute of limitations on judgments in PA is 4 years; that means that if you are sued and the creditor wins, they have a further 4 years to take action to collect; that means they could try to wait until things look up economically for  you, then act.


IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

Get Legal Help Today

Find the right lawyer for your legal issue.

secured lock Secured with SHA-256 Encryption