is there a statute of limitations on judgments and liens?

Get Legal Help Today

 Secured with SHA-256 Encryption

is there a statute of limitations on judgments and liens?

Can you be released from judgments and liens after bankruptcy? Do credit card companies actually take your house if they have a lien against it? Can liens be renewed after a certain amount of time (or judgments)? Could they do discovery or and find assets if you personally don’t disclose it to them?

Asked on August 2, 2010 under Bankruptcy Law, Tennessee

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 10 years ago | Contributor

1) There is a statue of limitations on judgments. How long the statute is depends on the state it issued from and the state you reside in. Typical statutes for judgments are 10 years or so, but check with an attorney about your specific situation.

2) Once a lien is issued, there is no statute of limitations on it.

3) A judgment can be discharged in bankruptcy. A lien is trickier, since its a security interest. There are several wrinkles, depending on different factors including what type of bankruptcy you file. The short answer is you may have the right to walk away from the lien by also walking away from the property; or you may in some circumstances have tools or leverage that will let you reduce the lien. You need to consult wiht a bankruptcy attorney to understand how your lien, your chosen bankruptcy, and your situation interact.

4) Judgment liens do not allow the judgment creditor to foreclose. However, they encumber the property, which cannot be sold or transfered without paying the lien. Also, the lien amount will typically grow over time, due to interest.

5) If sued, creditors may conduct discovery to locate your assets.


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 with SHA-256 Encryption