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
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!