Credit Card Defense

May 20th, 2011 by admin No comments »

When it comes to personal credit card debt, one of the most important things that you need to figure out when you are faced with a lawsuit is figuring out who owns the debt and who is suing you. You might have to obtain the information through discovery so one of the most important things that you can do is file an answer to buy yourself some time and then get the information.

Who owns the debt can determine if the other side can prove their case at trial. These days, credit card debt are sold fairly quickly after the credit card has charged off the debt. Most sell the debt after the debt has become delinquent after a year.

If that is the case and your debt was sold then you might stand a good chance of winning your case. Its best to get an attorney to review your case to see the viability of prevailing on your case or not. It also will stop those phone calls from the debt collector as well.

Less Credit Card Default In December

January 18th, 2011 by admin No comments »

Credit card companies saw a decrease in the number of credit card accounts falling into default in the month of December than in any month in 2010. All six of the biggest card issuers posted their lowest rates for charge-off or accounts written off as uncollectible. This is potentially good news for the economy.

Family Law Judgments

December 25th, 2010 by admin No comments »

Unlike regular civil judgments, a family law judgment does not expired after 10 years requiring the party with the favorable judgment to renew it. Family law judgment last longer and are the exception to the 10 year rule. The exception was legislatively created for divorce cases.

Intellectual Property Judgment

August 1st, 2010 by admin No comments »

After you have successfully obtained a Judgment in a trademark, patent, and copyright infringement case, the work begins to enforce your money judgment. If you have done the research, you should know that there is not a lot of statute or case law on the topic. Collecting on a trademark, patent, or copyright judgment could be one of the most difficult task if you are not familiar with the collection process.

If the debtor is a business and is still in business then you have all your normal means of collection at your disposal. If you want to go after the intellectual property themselves and place a lien on them or get a turnover order to seize the assets then it gets a little trickier. The best thing to do is to contact a collection attorney like ourselves to ensure that you do everything correctly.

Turnover Order

July 25th, 2010 by admin No comments »

A Turnover Order is a request to the court to order a judgment debtor to turn over personal property to the sheriff that is of value to enforce a money judgment. Personal property such as property that requires possession, documentary evidence of title to property, a debt owed to the judgment debtor, chattel paper, documents of title, instruments, securities and money.

If awarded, the Court will order the judgment debtor to hand over the personal property to the sheriff so that they can execute on it to enforce your money judgment.

Period of Judgment’s Enforceability

July 5th, 2010 by admin No comments »

A money judgment or a judgment for possession or sale of property is enforceable for 10 years after the date of judgment is entered. The ten year period may be extended if the judgment is renewed in a timely manner. Thus, unless the judgment is renewed or a statute provided otherwise, on expiration of the 10 year period the judgment cannot be enforced, all enforcement procedures under the judgment or a write or other issues under the judgment must cease, and any lien created in enforcing the judgment is extinguished.

Setting Aside Judgment

May 27th, 2010 by admin No comments »

If you find out one day that a creditor has obtained a judgment against without your knowledge, the first thing you need to do is get a copy of the Judgment. The Judgment will give you the case number and the court the case was filed in. In Los Angeles county with that information you can go to the court’s website and see all the documents filed in your lawsuit.

Most likely what happens is that they filed a lawsuit against you, some how got serve against you without you knowing about it, file for a default and submit a 585 declaration to prove their case, and the court entered a judgment against you.

You should go to court and get a copy of the complaint, proof of service, 585 declaration, and the judgment so that you can file a motion to set aside the judgment based lack of notice.

Most court will probably grant your motion because judges want to give you your day in court to defend your case. If the motion is grant, the judgment is erase and you get to defend yourself in court.

The threat of filing a motion to set aside a judgment can also be used as a bargaining chip to settle the case.

Filing the motion is something that you can do or hire an attorney to do.

Credit Card Debt Help

May 20th, 2010 by admin No comments »

Is a collection agency threatening to sue you on a credit card matter that you owe money on? Here are somethings that you should check. When you receive a letter from the collection agency or especially from an attorney, check to see who the attorney claims he or she represents. If the attorney says that they are representing someone other than the credit card company then that means that your debt was probably sold to someone else.

That could be potential good news for you because if your credit card company sold your debt to someone else, the new owner of your debt will have a tough time to prove their case if you file an Answer to a lawsuit they file. That is right. If they sue you, just file an Answer. If you file an Answer, they will not be able to prove their case at trial unless they can get a witness from the credit card company, which is unlikely because the credit card company has sold your debt. When they sell your debt they will only provide the buyer with a declaration that the buyer can use to prove their case if you don’t file an answer.

If an answer is filed, the buyer has no one who can authenticate the documents that prove your debt. At trial you can ask the court to rule in your favor.

If you are not sure what to do or need an attorney who can walk you through the process, contact our office and ask for Don Sakaida. My phone number is 310-473-9153. I can see if your case qualifies for these situation and we can go from there.

Judgment Enforcement

May 4th, 2010 by admin No comments »

There are many people and companies out there that have spent a ton of money hiring an attorney to sue someone or another company due to a business dispute, a violation of one’s intellectual properties rights, for violations of employment practices, or whatever the case may be. After this long protractive fight, you manage to get the judge or jury to award a judgment in your favor. Upon getting this award, you were elastic.

Your lawyer sent you his last bill and you are left with a piece of paper that you have won x amount of money against Y, the your arch nemesis. Your lawyer has bill you for a ton of money for all the work that he has down. AFter the cases is over he is devoid of any real suggestions on how you can collection or enforcement this judgment. In a way he kinda just sneaks away knowing that he has billed you for a ton of money for a piece of paper that is of no real worth unless you can collect on it.

Well if you are in this predicament then you need to find a collection attorney who specializes in judgment enforcement. They are the only real individuals that can help you turn that piece of paper into real cash. Don’t waste your time because a collection will only charge you more and then go to the attorney for help. Go straight to the attorney and you will save more money in the long run and guarantee that you get more money.

These attorney have a full understanding on how to enforce judgments. They can find assets, place liens, levy bank accounts, place keepers, and so much more. Its the only way that you will be able to enforce your money judgment into some call hard cash. It might even help pay off the attorney fees that you sent to win your case in the first place.

If you need our recommends, Google “sakaida & bui” and you will find a judgment enforcement law firm that will serve you in the Southern California. They will even give you a free consultation. Just send them your judgment and what information you have on party that the judgment is against. Good luck.

FICO Credit Score

April 21st, 2010 by admin No comments »

Here are the basic parameters of how FICO credit score is ascertain (based on an article provided by Yahoo). Using the information in a borrower’s credit report, FICO breaks that information into categories.

Here’s a breakdown of the five elements of the FICO score:

1. Payment History: 35 Percent of the Total Credit Score

Based on a borrower’s payment history, making the repayment of past debt the most important factor in calculating credit scores. According to FICO, past long-term behavior is used to forecast future long-term behavior.

2. Debt Amounts — 30 Percent

Based on a borrower’s total outstanding debt. Revolving lines of credit, which allow a consumer to borrow as much or as little as desired up to a limit (versus installment loans where a set amount — say, $20,000 plus interest for a car — is determined at the outset), are more heavily weighted. Credit cards are a type of revolving account.

Since FICO views borrowers who habitually max out credit cards — or who get very close to their credit limits — as people who cannot handle debt responsibly, a borrower should maintain low credit card balances. Experts recommend that the amount owed should not exceed 30 percent of the individual’s credit limits. That 30 percent rule of thumb applies to each individual credit card as well as the overall level of debt.

The final components of a FICO credit score get less weight in the score’s calculation. “The remaining one-third of your score is determined by how long you have managed credit, to what degree you have pursued new credit recently and the variety of credit types you have successfully handled,” Watts says.

3. Length of Credit History — 15 Percent

Based on the length of time each account has been open and the length of time since the account’s most recent action.

4 and 5. New Credit and Credit Mix — Each Comprise 10 Percent

Borrowers, even those new to credit, should avoid opening too many credit lines at the same time, since such behavior could suggest they are in financial trouble and need significant access to lots of credit. FICO suggests that borrowers only take on additional credit when they must have it or when it makes sense financially.

Credit mix, meanwhile, is somewhat of a vague category, but experts say that repaying a variety of debt indicates the borrower can handle all sorts of credit. According to FICO, historical data indicates that borrowers with a good mix of revolving credit and installment loans generally represent less risk for lenders.