If I have a financial judgment against me for $7045, can they force the sell of my home to recover this debt if it was a personal loan?

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If I have a financial judgment against me for $7045, can they force the sell of my home to recover this debt if it was a personal loan?

Asked on January 12, 2012 under Bankruptcy Law, West Virginia

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 9 years ago | Contributor

If you have a judgment against you for $7,045, the equity in your home up to a certain amount is protected under your state's homestead exemption laws. However, despite the protection, your home could be subject to a sheriff's sale if the equity in it exceeds the homestead exemption amount in your state.

Given this scenario, I suggest that you try and enter into an agreement with the judgment creditor in wriitng to pay so much of the judgment for a full written release or an agreement to make monthly installments to pay it down.

 


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