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Judgments
Recently we received a Notice of Entry of Judgment. What exactly does this mean?

Recently we received a Notice of Entry of Judgment. What exactly does this mean?

Q: What does it mean when a judgment is filed against you?

When a judgment is filed against you, it means a court has ruled in favor of a creditor, confirming that you owe them money. This typically happens after a lawsuit if you do not respond or defend yourself. The judgment can affect your credit score and may allow the creditor to take further legal action to collect the debt.

Q: How does having a judgment against you affect you?

Having a judgment against you can significantly impact your credit score and financial standing. It may lead to difficulties in obtaining loans or credit. Additionally, the creditor may pursue collection actions, such as garnishing wages or placing liens on your property, to recover the owed amount.

Q: Can you go to jail for not paying a judgment?

No, you cannot go to jail simply for not paying a judgment. However, failing to comply with court orders related to the judgment, such as not appearing in court or providing financial information, could lead to legal consequences. It's important to communicate with the creditor or seek legal advice if you're unable to pay.

Full question:

The bank holding our second mortgage has filed a judgment against us. Recently we received a Notice of Entry of Judgment. What exactly does this mean? What are the next steps the bank can take? What is the time frame in which they can take action?

Category: Judgments
Date: 04/07/2025
State: Michigan

Answer:

The court has filed a judgment, likely one in the bank's favor if you didn't file a response in their lawsuit.

This content is for informational purposes only and is not legal advice. Legal statutes mentioned reflect the law at the time the content was written and may no longer be current. Always verify the latest version of the law before relying on it.

FAQs

Are judgments the same as collections?

No, judgments and collections are not the same. A judgment is a court's decision that confirms a creditor's right to collect a debt. Collections refer to the actions taken by creditors to recover the owed money. A judgment may lead to collections, as it gives the creditor legal authority to pursue payment through various means, such as wage garnishment or bank levies.