Legal Question in Credit and Debt Law in Missouri

Re: Credit Card collections judgement

From a practical point of view, they can't do too much to you. They can garnish wages and they can garnish bank accounts in your name only. I do not believe they can garnish a joint account, but it might be a good idea for your husband to take your name off the account in the short term.

If your car is owned with your husband, then there is nothing to worry about. If it is in your name only, and if there is substantial value above what is owed (e.g., car worth $5000, loan is for $1000) then they may want to seize the car by executing on it and sell it at auction on the courthouse steps. They have to pay off the loan first, and then they can apply the rest to your balance.

Interest continues to run on the debt at a statutory amount which I believe now is 7%. I don't have that statute in front of me, but if you can't pay it, you can't pay it. If you don't have assets or a job, there isn't much they can do.

The judgment is good for 10 years. At the end of the 10 years, they have to either renew it or it lapses.

This will seriously affect your credit for some time, just so you know.