What happens if a Judgement is filed against you?
A judgment is a court order that is the decision in a lawsuit. If a judgment is entered against you, a debt collector will have stronger tools, like garnishment, to collect the debt. All debt collectors must follow the Fair Debt Collection Practices Act (FDCPA). This can include lawyers who collect rent for landlords.
What makes a person Judgement proof?
Judgment proof is a description of a person who does not have enough assets for a creditor to seize when a court order requires debt repayment. A debtor who is broke and unemployed can be considered judgment proof, as can a debtor who only has certain legally protected types of assets or income.
What happens if you don’t pay Judgement?
If you do not pay the judgment debt or return the goods according to the judgment, the other party can take enforcement action to force you to pay or return the goods. If you need more time to pay the debt or return the goods you can apply for a stay of enforcement.
Can a creditor garnish your wages in Arkansas?
Learn more. Arkansas wage garnishment law follows federal wage garnishment law. For most people, when a creditor garnishes your wages in Arkansas, it can only take 25% of your wages at most. Arkansas offers more protection for laborers and mechanics. However, certain types of creditors can take more.
What can you claim as unclaimed property in Arkansas?
Then the state diligently attempts to reunite owners with their lost assets. Unclaimed property includes, but is not limited to, savings and checking accounts, unpaid wages or commissions, stocks, bonds, utility deposits, insurance proceeds, cashier’s checks, money orders, and contents of safe deposit boxes. Who may claim unclaimed property?
Can a debt collector garnish my bank account or my wages?
If a debt collector has a court judgment, then it may be able to garnish your bank account or wages. Certain debts owed to the government may also result in garnishment, even without a judgment. However, if certain federal benefits are directly deposited into your bank account,…
What does the State Auditor of Arkansas do?
It is the mission of the Arkansas Auditor of State to return unclaimed property to its rightful owners or heirs. Each year, businesses and government agencies also known as “holders” report millions of dollars to the state. Then the state diligently attempts to reunite owners with their lost assets.