Judgment Against Property With Bad Credit In Philadelphia
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FAQ
The following kinds of personal property are exempt from debt collection and cannot be seized: Household goods, like furniture, clothing, and appliances. Medical equipment, such as a wheelchair. One television, one radio, one computer and one cell phone.
In a Nutshell This court order allows them to collect on the debt by seizing your real or personal property (or putting a lien on it), garnishing your wages, or levying your bank account. Personal property includes everything from household goods to vehicles. Real property includes things like your home or land.
Personal property such as medical equipment, work tools, and basic household items are generally exempt from seizure by a judgment creditor. Negotiating a payment plan with the creditor is often the best approach to avoid prolonged and stressful collection efforts.
Yes, a judgment creditor can levy personal property, including vehicles and the contents of a home. Levies of tangible property like this are not as common as bank levies, but it is sometimes used to try to force a settlement.
Pennsylvania judgments are valid for 5 years. Judgments can be revived every 5 years and should be revived if a creditor is attempting to actively collect on the debt. Judgments also act as a lien against real property for up to 20 years or longer if properly revived.
In Pennsylvania, if a creditor sues you and obtains a judgment, it can become a lien against your home or other real property. (If the judgment is from another county, the creditor would need to transfer it to your county.) However, a creditor without a judgment cannot lien your property.
An abstract of judgment is a summary of a judgment that states how much is owed for the debt, including attorneys fees and interest. The abstract of judgment is necessary in order for an unsecured creditor to record a lien against real property in California.
In some states, a judgment lien can attach to any property owned by the debtor. In Pennsylvania, though, a judgment lien can only be placed on real property.
