Does a lawsuit judgement against you ever expire if you do not pay?
I had a car accident a while ago and had a judgement against me but have yet to pay it. Will it eventually expire like things on a credit report after seven years? It was not a very big judgement.
Answers:
Yes it does expire
See the following chart for your state to determine when
http://www.cardreport.com/laws/statute-o...
No, it will stay there forever.
Depending on the state, the lien may lapse after 10 years, however, the time can be extended by filing an continuation.
It expires after 10 years usually (in California it's 10 years, but it depends on what state you're in), and then the judgment creditor (the person who you owe money to) has to pay to have the judgment renewed, and usually to serve you again. If you haven't heard anuthing in a few years, they might have dropped it, but you won't know unless you contact the creditor or their attorneys and ask. Also, if the judgment hasn't expired, and you purchase real property, or try to sell it, then they might be able to come after it. Watch out.
The 7yrs is correct. BUT if the judgement is not paid by then, it can be renewed to stay on your credit ANOTHER 7 years. And it can be renewed over and over until you pay it.
Yes and no. Most states have an expiration date for the collection of judgments. Usually, it's ten years, unless there has been a lien placed on your house. If they do not collect the judgment in that time, they lose the right to collect. HOWEVER, most states allow the creditor to renew the judgment for another ten years if they do it before the judgment expires. By the way, the fact that something falls off your credit report doesnt mean that it has expired. It just means it can no longer be reported.
EDIT FOR EMILY
That is not correct Emily. Once an item is outdated, it cannot be placed back on your credit report. The debt may still be vaild though. I have written books on credit reporting and have been in that business for over twenty years.
Nearly all (if not all) states have a statute of limitations for collecting on a judgment. These are typically the longest on the code books.
If you can avoid paying the judgment for the typical 50 years or so, you can get off the hook.
I point out that some of the information supplied previously does not apply to judgments.
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