What’s a Judgment?
A judgment is a court-signed document that permits creditors to seize your property or assets if you have missed payments on a debt or loan. A judgment can only be issued if you have been sued for unpaid debts.
Portland law suits can be filed in either “Small Claims Court”, or “Circuit Court”. A small claim action is for less that $10,000. Lawyers are not permitted to appear in small claims court. Lenders are not required to sue in small-claim court. However, they can choose to sue in Circuit Court with a lawyer even if the amount owed is less than $10,000.
Your creditors may make several phone calls to you before they start a collection. A creditor might decide to file suit after receiving threatening letters and phone calls. You must receive the lawsuit, but they don’t have to give it personally. A lawsuit can be left at home with someone over 14 years old. This is considered a “service” under the law.
You will only have a short time to respond once a lawsuit has been served on you. You only have 14 days to respond in the Multnomah County small-claims court. Multnomah County Circuit Court gives you 30 days to respond. You can be held responsible if you fail to respond within the given time.
What’s an Order of Default?
After you are served properly, the Judge will sign the Order of Default. You are no longer allowed to defend yourself after the Order of Default has been entered. You may be able, in certain circumstances, to have the Order of Default canceled and re-enable your right to defend yourself. The judge will sign the Judgment submitted by the party suing.
The Judgment will end the lawsuit and spell out your responsibilities to creditors, including fees and costs. The Judgment will earn interest for the future at least 9%, sometimes even more. This is very bad news! If you don’t pay interest on a judgment, the amount that you owe in ten years will almost double.
What are you able to do to STOP a JEUDGMENT?
Here are some things to do if you have been sued in Portland for your debts:
-
Contact the person suing you to find out if the debt can be settled at a reduced price
-
If you are able, offer a lump-sum payment
-
Request a Payment Plan
- Contact a bankruptcy defense attorney in Portland , Oregon
Remember the old saying, “A bird in the hand is better than two in the bush”. Many creditors who are suing you for money would prefer a guaranteed payment, even if it is discounted, than future payments. Don’t lose heart!
What to do if you can’t afford a lump sum to settle?
Ask the creditor if you are unable to pay a lump sum. Most creditors prefer voluntary payments to coerced garnishment payments. You want your creditors to accept your voluntary payments and not garnish your bank accounts or wages in return. A “Covenant not to Execute” is a promise to leave you alone. This is an important legal document and you might need legal assistance.
Stipulated Judgment and a Confession of Judgment
Even if you agree to a payment arrangement, the other side will likely still want you to sign a “Stipulated Judgment”, or a confession of Judgment. These documents allow the other side to seize your money if you don’t make the promised payments. These documents are complex and you should consider hiring a lawyer. Some lawyers, such as us, can help you even if you don’t have the funds to pay for a full defense. To help you settle a dispute and protect your rights, we will offer a reduced rate.
If your income is not sufficient to pay the bills, you should at least think about bankruptcy.
I am a Portland resident. What time will it take for a Judgment to me to be overturned?
The validity of judgments is maintained for ten more years and can be renewed for an additional ten years. This means that debt can follow you for almost a quarter of a century. Many people have been represented by us who made poor decisions when they were young, ignored a judgement, and then suddenly, while they’re hard at work, – BAM! A lawsuit judgment is issued and wages and bank accounts are garnished.
Get Legal Help When It Comes To Getting Rid Of Lawsuit Judgments
Filing for bankruptcy will end a creditor’s ability to collect if he or she gets a judgment against your property. However, a judgment against you can place a lien on your property. Liens don’t always disappear in bankruptcy. A nationally certified bankruptcy attorney can advise you on how to remove a judgment lien once the debt is discharged.
Get the help of a experienced bankruptcy attorney Portland to make sure you’re on the right path.
The post Lawsuit Judgments In Portland: 4 Frequently Asked Question appeared first in Attorney at Law Magazine.