A Lawsuit Has Been Filed Against Me, What Does it Mean?
Lawsuits, if they turn into judgments, can be a serious problem for most people.Lawsuits can have serious consequences in many areas of a person's finances. Lawsuits, if allowed to go to judgment, can end in garnishments, frozen bank accounts, and liens on real estate.
What are the effects of a judgemet?
- Wage Garnishment - When your wages are garnished, you receive less income per paycheck. This is different from a wage assignment, which has no court authority and can be stopped with a wage off letter to your payroll. When you have a wage garnishment, your employer can deduct up to a certain percentage of your check.
- Poor Credit Rating - Lawsuits and judgements are reported on your credit report. Lawsuits and Judgements can have a significant impact on your credit rating. When a lawsuit is filed against you, it is reported to the credit bureau. The lawsuit can stay on your credit report for up to ten years.
- Loss of A House - If the type of suit you had was a foreclosure lawsuit, you maybe on route to losing your home. Once a judgement for foreclosure is entered against you, a sheriff's sale is next. During a sheriff's sale your property will be auctioned to the highest bidder. Once the sale is complete, the highest bidder will now have legal posession of your house.
- Filing Bankruptcy can help you stop lawsuits, stop garnishments, unfreeze your bank account, save your house and even help your credit rating. If you're interested in filing a bankrtupcy, call 1-888-332-1980 to speak with an experienced counselor, free of charge.
There are some instances where filing bankruptcy does not stop a civil lawsuit. You should always consult a bankruptcy attorney or law firm to determine whether your lawsuit may be stopped by a bankruptcy discharge. Call 888-331-1980 today to have a free phone mini-consultation with one of Peter Francis Geraci's bankruptcy consultants and to schedule an appointment at one of our conveniently located bankruptcy law offices in Illinois, Indiana and Wisconsin!