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Valued Member
lovesista
Posts: 42
Registered: ‎04-30-2009
0

Garnish wages

Can they garnish your wages or put a  lien on your home on a charged off account.
New Contributor
ktscore
Posts: 65
Registered: ‎05-29-2009
0

Re: Garnish wages

Charged off accounts are often bought up for pennies on the dollar before the SOL is up and sued on.  If the collection agency sues you and obtains a judgment, they can enforce the judgment by levying on your property or wages, subject to certain restrictions depending on what state you are in. 

 

In NY, a judgment can be collected on for 10 years, and at the end of the ten yr period, it can be renewed for another 10.  So the period of collection on a judgment usually ends up being 20 years.  This is why you never want to ignore a lawsuit, even if you owe the debt and have no excuse for not paying it.     


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