Legal Question in Credit and Debt Law in South Carolina

Re: Judicial Judgements

Normally, a judicial judgment constitutes a lien against real property in the state of South Carolina. It affects real estate for ten (10) years and accrues interest during that period. Also, the creditor may apply to the County Sheriff for execution against the judgment to sell debtor's assets to satisfy the judgment. Often, these are returned because the only assets the debtor has are exempt from execution or there are no assets. The creditor may also begin supplemental proceedings in the Circuit Court wherein the debtor is summoned to Court to disclose his assets, income, etc. and the debtor is ordered to make payments. These remedies may only be pursued once the creditor has a valid judgment. Your question states "unsettled judicial judgment" so I must assume there is not an actual judgment, or the case has been appealed. A judgment holder may execute upon the judgment during the pendency of an appeal, but since these are credit card debts outlined in your question, then I seriously doubt that is the case. Often debt collectors may distort the nature of the debt in order to obtain payment or threaten to take action they cannot legally do in South Carolina (such a wage garnishment). These debt collectors often are not located in South Carolina and have no clue as what rights and limitations they have in South Carolina. Credit Cards are subject to the South Carolina Consumer Protection Code and the Federal Consumer Protection Act. Also, debt collectors are subject to the Federal Fair Debt Collection Act and the South Carolina Consumer Protection Code. These charged off credit card balances are often sold by the companies who initially issued the card to a third party for pennies on the dollar. The third party then attempts to collect the debt, and keeps whatever money they can collect as profit. Since your question states "unsettled judicial judgment" I would need to know more to fully answer your question. If the creditor already has a judgment, you may be able to negociate with the creditor to pay a percentage of the judgment or make payments on the judgment until it is paid. If the you and the creditor enter into an agreement with regard to paying the judgment in installments with a finance charge, then the agreement may be subject to the Federal Truth in Lending disclosure requirements which would subject the creditor to liability for failing to comply with it. Also, South Carolina has adopted the Federal Truth In Lending Act within the South Carolina Consumer Protection Code. With regard to "penalties", one problem you would face would be accumulated interest during the pendency of this "unsettled judicial judgment". Also, if your credit card agreement has an attorney fee provision in it, you may be subject to attorney fees, but this is limited to only 15% of the debt in South Carolina.