Legal Question in Credit and Debt Law in Florida

judgement

my wife and i bought a car in fla. from a small used car lot about 4 years ago.we had the car for a week when the brakes went out . we called the used car dealer and they had it towed. i went to the repeair shop and looked at the car on a lift, it was rusted all over the whole frame you could pull off in peices the car was junk. i took my tag and told them i was not goin to pay for the car,it was 10,000. now i have a judgement on my credit since i was the cosigner for my wife .she did not go to court when she was told so we lost the case.now they want 13,000 for a car we had for a week.we now live in georgia and want to buy a home but cannot because of this judgement. is there anything we can do ?


Asked on 4/26/08, 6:53 am

2 Answers from Attorneys
Scott Riddle Law Office of Scott B. Riddle, LLC

Re: judgement

You have a couple options that MIGHT help you a little. First, realize the truth of what is to blame - you made a very poor decision as far as the car purchase and not honoring your obligations. Any lender has to now consider your history of walking away from a debt (and collateral) just because you don't like the deal you made. You do not owe $13,000 for a car you had a week. You owe $13,000 because you did not honor your contracts and obligations (even if you were sold a lemon). Options that might help start with the obvious one - pay off the judgment and obtain a release. Otherwise, you can wait it out for years, but as long as the judgment is valid (at least 7 years, likely more), any home lender will factor in both your poor decision, and your ability to make monthly payments should your income be garnished (perhaps up to 25% of paycheck for both you and your spouse). Bottom line - for many reasons, settle the debt.

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Answered on 4/26/08, 7:11 am
Glen Ashman Ashman Law Office also dba Glen Ashman Attorney

Re: judgement

Once you lost the case, you lost the case. You can pay the judgment, see if you can negotiate a settlement, or possibly go bankrupt. At this point you need to do what should have happened years ago (see a lawyer). Bear in mind with that judgment you also risk garnishment and other problems.

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Answered on 4/26/08, 8:24 am


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