Resolving Judgments in New York
New York Debt Defense Strategies
If you’ve been falling behind on your debts, you could be at risk of being sued and having a judgment entered against you in the New York courts. With a judgment, the creditor has the power to enforce collections through involuntary methods. A civil judgment can be enforced for up to 20 years. Judgments accrue 9% interest each year that they remain unpaid, and an NYC Marshal has the ability to add a 5% fee known as poundage.
If a lawsuit was brought against you, and a judgment was subsequently entered, it is important to understand your options for debt relief.
Consequences of a Judgment
When a Plaintiff obtains a judgment, it can use the power of the court to pursue funds from the Defendant to repay the debt. Rather than relying on you to make the necessary payments voluntarily, legal action could be taken to gain access to your funds and pass it along to the creditor, whether it be a bank, credit card, or student loan lender. The Plaintiff may proceed with a New York City Marshal to collect the judgment debt through wage garnishment with the debtor’s employer, restrainingand freezing bank accounts, or by placing a judgment lien against real property (ie. houses, co-ops, condos). In addition, the court may report the judgment as a derogatory public record on the borrowers credit reports.
Fighting New York Judgments
If you have been issued a court judgment to repay one of your debts, we may be able to help fight it. Our experienced attorneys can help you identify your defenses and assist in seeking to vacate the judgment in court, or even negotiate a settlement reduction between you and your creditor. If you find yourself in this situation, contact our lawyers to learn how we can help reduce judgment debts.
Get in touch with us today to schedule your complimentary initial case consultation with a knowledgable debt lawyer. Call the Law Office of Simon Goldenberg, PLLC today!
