is there a statute of limitations on judgments and liens?
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is there a statute of limitations on judgments and liens?
Can you be released from judgments and liens after bankruptcy? Do credit card companies actually take your house if they have a lien against it? Can liens be renewed after a certain amount of time (or judgments)? Could they do discovery or and find assets if you personally don’t disclose it to them?
Asked on August 2, 2010 under Bankruptcy Law, Tennessee
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 14 years ago | Contributor
1) There is a statue of limitations on judgments. How long the statute is depends on the state it issued from and the state you reside in. Typical statutes for judgments are 10 years or so, but check with an attorney about your specific situation.
2) Once a lien is issued, there is no statute of limitations on it.
3) A judgment can be discharged in bankruptcy. A lien is trickier, since its a security interest. There are several wrinkles, depending on different factors including what type of bankruptcy you file. The short answer is you may have the right to walk away from the lien by also walking away from the property; or you may in some circumstances have tools or leverage that will let you reduce the lien. You need to consult wiht a bankruptcy attorney to understand how your lien, your chosen bankruptcy, and your situation interact.
4) Judgment liens do not allow the judgment creditor to foreclose. However, they encumber the property, which cannot be sold or transfered without paying the lien. Also, the lien amount will typically grow over time, due to interest.
5) If sued, creditors may conduct discovery to locate your assets.
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