Legal Question in Credit and Debt Law in California

enforcement and statue of limitations on judgements by creditors

Are credit card judgements against your name or just one particular piece of property? I have three judgements against my home of apx. $40,000 since 1996.I need to know how long this is going to hang over my head,and if they will attach other property I own as well,as I am going through a divorce and will need to get a home loan and my credit cleaned up as well as make the property settlement agreement with my ex. I am going to divorce court real soon so any advice you can give me would be greatly appreciated. Thanking you in advance

Sincerely,


Asked on 10/21/02, 6:25 pm

3 Answers from Attorneys

Roy Hoffman Law Offices of Roy A. Hoffman

Re: enforcement and statue of limitations on judgements by creditors

As a general rule, in California once one obtains a judgment, almost any property owned by the judgment debtor can be used to enforce the judgment. For instance, a judgment creditor can place a lien on your real property, and garnish your wages simultaneously. Judgments are good for ten (10) years from the date of entry, and can be renewed for any number of successive terms of ten (10) years; hence, unless the judgment creditors fail to renew their judgments against you (which is not likely), the judgments will stay with you until they are paid. You should also remember that judgments (at least state court judgments in California) continue to accrue interest at the rate of 10% per annum until paid. That means that not only with the judgments likely be around for a very long time, but that the amount of those judgments will increase.

Finally, you may not be able to obtain a "home loan" (I assume you mean a loan secured by some real property you currently own). Most lenders will not lend money secured by real property unless it is free of superior liens. If the amount of your judgments exceeds the amount of equity you have in your property, it is likely no lender will lend you money secured by the property.

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Answered on 10/21/02, 6:38 pm
Martin Lathrop Russakow, Ryan & Johnson

Re: enforcement and statue of limitations on judgements by creditors

In order to enforce a judgment against real property, an abstract of the judgment must be filed with the County Recorder where the property is located every ten years. If you have three different properties in three different counties, then an abstract must be filed in each county every ten years in order to perpetuate the judgments. Feel free to contact me with any further inquiries-Martin

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Answered on 10/21/02, 7:50 pm
Ken Koenen Koenen & Tokunaga, P.C.

Re: enforcement and statue of limitations on judgements by creditors

The judgment lien is agianst you, and attaches to any property that you own. It will last for 10 years, and can then be renewed for another 10.

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Answered on 10/21/02, 7:51 pm


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