Tag: judgment

What is a “Final Judgment” and why should I care?

Posted on by Emil Fleysher

A final judgment is the Judge’s final decision in a case as recorded in the files stored in the Office of the Clerk of Courts. The name for the party that sued you and obtained the judgment is “judgment creditor.”
The judgment creditor can obtain the right to proceed against your property through a writ of execution, garnishment, or other judicial processes. A judgment becomes a lien when a certified copy of it is recorded in the official county records. The lien may attach to any non-exempt real property in the county where it is recorded. The recorded judgment also report as a negative history on your credit report. This blemish can make it difficult or impossible to obtain loans or financing. The judgment lien is good for up to 20 years and can stay on your credit report for that long.

Answering Questions

As soon as the creditor has obtained a Final Judgment, it may require you to answer a series of questions. Maybe in person or otherwise. They must be answered under oath, seeking to identify and locate your assets against which the creditor will enforce its Final Judgment. If you fail to respond to these questions in time, you may be held in contempt of court. Moreover, a Writ of Bodily Attachment may be issued. A Writ of Bodily Attachment is a writ commanding law enforcement to physically bring in a person in contempt of court. Evidently, you cannot get out of this writ just by paying the fine. The court can hold you up to 48 hours to meet with the person issuing the writ directly.

Once the creditor has the judgment lien and knows where your assets are, it can seek a Writ of Execution. The writ of execution tells the sheriff to seize your property to satisfy the judgment. If your only asset is your paycheck, the creditor can go after that with a Writ of Garnishment. A Writ of Garnishment may enable the creditor to levy against your paycheck or bank account.

In Florida, you have a certain property that may be exempt from garnishment. Furthermore, most judgments and their resulting garnishments can be discharged in Bankruptcy. For more information, please contact a qualified attorney to discuss your options.

If you have questions about foreclosure, loan modification, bankruptcy; or other alternatives, please feel free to call my office at 954-484-9987. Or, send an e-mail to emil@fleysherlaw.com, or complete the contact form below.

CFPB Proposes to Add Greater Restrictions on Debt Collection Firms

Posted on by Emil Fleysher

The Consumer Financial Protection Bureau (CFPB) proposed rules to supervise large debt collectors and credit reporting agencies. The rule covers consumer debt collectors, including law firms, earning more than $10 million from the activity. This works out to 4 percent of consumer debt collectors; but about 63 percent of annual receipts from the debt collection market. Consumer credit reporting agencies with more than $7 million in annual receipts are subject to supervision under the rule. This would cover about 30 agencies that account for about 94 percent of the business.

The CFPB has the authority to supervise non-banks of all sizes. That is those engaged in residential mortgage, payday lending, and private education lending. The CFPB has the power to oversee larger participants providing other nonbank financial services.

The proposed rule would mean that those debt collectors and credit reporting agencies that qualify as larger participants are subject to the same supervision process as are banks. Description of supervision is that it is an inspection by the CFPB and submitting periodic reports. But, the details are not spelled out in the draft rule. CFPB may also require companies to submit financial records and other documents to determine if they are subject to supervision.

If you have questions about foreclosure, loan modification, bankruptcy, or other alternatives, please feel free to call my office at 954-484-9987. Or, send an e-mail to emil@fleysherlaw.com, or complete the contact form below.