old judgement
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Posted by Old Judgement
(12.237.112.229) on March 03, 2003 at 20:36:37:
In January of 1997, I had a judgement issued against me in New Mexico. At the time the judgement was issued I was residing in Oklahoma. It resulted from defaut on a business loan secured by miscellaneous equipment. Prior to the judgement, I had returned the equipment to the lending institution, bank, and tried to reach some sort of settlement with them to no avail. They have never been willing to negotiate anything other than 100% payment plus all accrued interest. The current balance is just over $86,000 growing by $15.50 daily. I now reside in Texas and, other than this judgement, have pristine credit despite having been unemployed for almost a year in the recent past. As a result of the judgement, however, I have lived in constant fear that my bakn accounts could be seized at any moment. I know that they cannot garnish me in Texas, but am growing unwilling to continue to live like this. I'm not sure whether I would even qualify for either BK option, but I am ready to consider it as my final option to protect what few assets I have. I'm looking for any advice on how to proceed as well as how to protect my cash assets of approximately 20K. Are they vulnerable if held in a joint account with someone completely unconnected with the judgement or prior debt? Getting desparate here... help please.
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