Legal Question in Credit and Debt Law in Texas

Re: Judgment through Arbitration

If you do not respond to arbitration, then the arbitrstor will make a judgment, that will most likely include the principal sum, their high interest and the attorneys' fees.

If a party wins at arbitration, it then files a local lawsuit to convert that arbitration award into a normal judgment. It is very hard to change any factual findings or conclusions contained in arbitration awards.

After a judgment is finalized, a creditor may attempt to collect on judgments. In general, you should always be able to keep a car for everyone over the age of 16 at your home and your home. Other nonexempt assets (not couches, TVs, etc.) can be sold, if the collective value is over $ 22,000...