Re: certified final judgement
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Posted by Eric (22.214.171.124) on May 14, 2009 at 18:12:15:
In Reply to: certified final judgement posted by screwed on May 06, 2009 at 22:16:15:
This is what a bankruptcy attorney in Oregon told me. If you get more information about this please froward it to me at email@example.com.
"Judgments, when they get them, are originally good for ten years and they can renew them at the end of that ten years for another ten years. Depending on the terms of your contract with the credit cards the interest rate on the judgments would vary. The minimum they would likely charge pursuant to Oregon statute is 9%."
YOU MUST BE AT THIS POINT.
Then he goes on saying:
"If you do not pay you can also hope they do not sue you in six years from your last payment. If that happens then you are talking about the statute of limitations running on their ability to collect on the debt."
SO IT SEEMS TO ME THAT THEY CAN SUE YOU IF YOU HAVE ENOUGH ASSETS TO PAY FOR THE BALANCE OWED. THIS IS WHEN THEY TRY TO MAKE THAT UNSECURED DEBT SECURED AND THEY FORCE THE SALE OF YOUR ASSETS.
THE ATTORNEY WAS TELLING ME THEY COULD SUE ME AND FORCE THE SALE OF MY HOME OR RENTAL PROPERTIES. THE VALUES OF MY PROPERTIES ARE ABOUT THE SAME AMOUNT TO WHAT I OWE, SO HE SAID THEY PROBABLY WON'T FORCE THE SALE OF MY PROPERTIES.
IN SHORT, AS I UNDERSTAND IT AS IT RELATES TO OREGON LOW. THEY HAVE THE RIGHT TO SUE YOU AND FORCE YOU INTO FORECLOSURE IF THEY BELIEVE YOU HAVE ENOUGH EQUITY TO SATISFY THE DEBT.
THE THOUGHT I HAVE TO THINK ABOUT IS WHEN THE ECONOMY DOES TURN AROUND, WHAT IS THE LIKELIHOOD THE CC COMPANY WOULD SUE ME FOR MY HOUSE THAT HAD BEGUN APPRECIATING AGAIN. THERE IS A BIG QUESTION MARK THERE???? NO BLACK OR WHITE ANSWER.
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