What is the statute of limitation for debt in Georgia?
Most debts in Georgia have a statute of limitations of four years, like medical debt, credit card debt and auto loans. Mortgages have a slightly longer statute of limitations of six years, and any debt you may owe to your state for tax purposes has a statute of limitations of seven years.
Can a judgment debtor pursue assets in Georgia?
Generally, a Georgia judgment-creditor is allowed to pursue the assets of the Georgia judgment-debtor only, and not his or her spouse. However, exceptions apply to this general rule. For example, some forms of jointly held real estate can be attached, as well as joint financial accounts.
Can you collect on a judgment lien in Georgia?
(For more background information on liens on property and judgments in general, check out Nolo’s articles Collect Your Court Judgment with a Real Estate Lien and Can You Collect Your Judgment?) What kind of property is subject to a judgment lien under Georgia law?
How long does a judgment last in Georgia?
As long as the judgment creditor takes the appropriate steps, the judgment can be renewed as many times as necessary to collect. Each renewal extends the judgment life out another seven (7) years. Georgia judgments accrue post-judgment interest on the principal amount at the rate of prime plus 3% at the time of entry.
What happens to unpaid credit card debt in Georgia?
Many consumers in the state of Georgia are dealing with unpaid credit card bills, medical bills, and other unpaid loans. When debts go unpaid for a long period of time, creditors may decide to institute a lawsuit against the consumer so that the creditor can obtain a judgment.
Generally, a Georgia judgment-creditor is allowed to pursue the assets of the Georgia judgment-debtor only, and not his or her spouse. However, exceptions apply to this general rule. For example, some forms of jointly held real estate can be attached, as well as joint financial accounts.
As long as the judgment creditor takes the appropriate steps, the judgment can be renewed as many times as necessary to collect. Each renewal extends the judgment life out another seven (7) years. Georgia judgments accrue post-judgment interest on the principal amount at the rate of prime plus 3% at the time of entry.
(For more background information on liens on property and judgments in general, check out Nolo’s articles Collect Your Court Judgment with a Real Estate Lien and Can You Collect Your Judgment?) What kind of property is subject to a judgment lien under Georgia law?
Is there Statute of limitations on debt collection in Georgia?
If the contract with the debtor is in writing, the statute of limitations is extended to six (6) years. If a creditor is fortunate enough to have a written contract signed under seal by the debtor, Georgia will apply a twenty (20) year statute of limitations.