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Judgments and Your Options

A judgment is a legal decision made by a court as a result of a lawsuit. The entry of judgment is the final order from the court. It can only be overturned if it is contested by the defendant and is overturned through court proceedings. When a judgment is issued by a court, a sentence can be imposed on the defendant in a criminal matter, or a remedy can be given for the plaintiff in a civil matter.

Type of Judgments:

• Declaratory - A civil case where the court states the rights, duties, and obligations of each of the parties of the dispute.

• Default - If the defendant does not respond to a summons, a binding judgment in favor of the plaintiff is issued.

• Summary - This is where a court makes a decision without a full trial.

• Vacated - This is where an appellate court overturns or changes the decision (Judgment) of a lower court.

• Reserved - This is where a judge, after hearing both the plaintiff's and defendant's arguments, refrains from making an immediate decision to weigh the case in private.

Once a judgment is rendered by a court, additional costs and continually accruing interest can be added to the judgment amount. If this happens, payments from the debtor to the creditor are first applied to the additional costs and interest before any amount is applied to the principal amount of the judgment. Interest can continue to compound until the judgment is paid in full. Judgments are valid for 10 years unless they are re-recorded. If they are re-recorded, they are valid again for 10 additional years. Most judgments are paid via liens on debtor's income or assets. If an asset is sold or foreclosed upon, the judgment will be paid from the proceeds of the sale. This is usually handled through the court system. The court could order your wages be garnished, install a bank levy, or place a lien on your property or asset to satisfy a judgment.

How Judgments are Released

When you pay a judgment outside of the court system, make sure you receive the settlement offer in writing and always pay by check (preferably by cashier's check). When a judgment is paid, the debtor can take proof of the paid judgment and have it recorded with the court that initiated the judgment. Once recorded with the court system, a judgment satisfaction or "satisfaction of release of judgment" is issued by the court. If a judgment is vacated or dismissed, the information is expunged from the debtor's record and is removed or deleted from the debtor's credit report. Bankruptcy is another way to resolve the threat of a judgment.