Judgment Against Property With Bad Credit In Michigan
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FAQ
Your credit card debt cannot force you to sell your house and you shouldn't volunteer to do it. Potentially you'd be wiping out most of the debt, keeping your house, messing up your credit for a few years (but who cares?
A creditor cannot take all of your property. Up to $1,000 worth of certain personal property may be exempt from seizure. Possible exempt property includes: Household goods.
In Michigan, the statute of limitations for most types of debt, including credit card debt and personal loans, is six years. That means that creditors have up to six years from the date of the last activity on the account or the date of default (whichever comes later) to file a lawsuit to collect the debt.
A judgment from a Small Claims case expires six years after it is issued. Most other judgments in Michigan expire 10 years after they are issued.
Ing to Michigan law, your creditor has up to 6 years (from the date of your last payment) to collect on a debt, including obtaining a judgment on the debt. By getting a judgment, your creditor can pursue collections (likely a garnishment) almost indefinitely as long as they renew the judgment every 10 years.
After a default has been taken, a judgment can be taken by either submitting documentation with a declaration as to the truth of the documents, or by having a prove-up hearing, where testimony is taken and documents are submitted. So the answer is yes. They can't execute the judgment without finding you, though.
In a Nutshell This court order allows them to collect on the debt by seizing your real or personal property (or putting a lien on it), garnishing your wages, or levying your bank account. Personal property includes everything from household goods to vehicles. Real property includes things like your home or land.
2809. (1) Unless subsection (2) or (3) applies, a judgment lien expires 5 years after the date it is recorded. (2) Unless subsection (3) applies, if a judgment lien is rerecorded under subsection (4), the judgment lien expires 5 years after the date it is rerecorded.
One way to collect the debt is to get a Request and Order to Seize Property . This is a court order that tells a court-appointed officer to seize your property. The order expires after 90 days, but it can be renewed. Paying the judgment within 21 days of the judgment will prevent seizure of property.
