Legal Question in Credit and Debt Law in Michigan
Past judgments swollow up my my inheritance?
I have a couple of judgements against myself totalling about $15,000 from unpaid credit cards years ago. However, the original amount of this debt was less than 5,000. I am currently unemployed and being harassed by other creditors which are not credit cards or secured debt. My question is about an inheritance I will be receiving from my Grandparents who lived in South Carolina. Can these creditors take my inheritance? If so is there anything I can do to avoid them taking the full amount? And lastly is there anything I can do to make a deal with the current creditors to arrange payment after money is received?
2 Answers from Attorneys
Re: Past judgments swollow up my my inheritance?
You can probably no longer dispute the judgment because you say they were entered a while back. Judgments do accrue interest at the rate of 13%, are good for ten years and are renewable for another ten years.
Any one you owe money to is permitted to attempt to collect, but must do so within the guidelines of the Fair Debt Collection Practices Act (you can Google that for more information). This applies only to debt collectors, however, and not original creditors. See the Michigan Debt Collection Act for the Michigan statute governing debt collection in Michigan.
It is unlikely that your creditors will even know about your inheritance, but if you deposit money into a bank account, and they find your bank account, the judgment creditors can garnish those funds.
One of the services I provide is debt settlement. I also sue abusive debt collectors. Please call me at 248.679.1552 if you would like to discuss this in greater detail.
Rochelle E. Guznack, Esq.
Re: Past judgments swollow up my my inheritance?
If they find out about it or you put it into a bank account, it can easily be taken. Your idea about negotiations is a great one. Contact me at www.kliszlaw.com to discuss your strategy. Tim Klisz
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