Once upon a time, Cinderella had a money judgment entered against her.  She thought nothing of it at the time because she could no more pay her debt than go to the ball.  Then along came her Fairy Godmother and next thing you know, Cinderella had won the Prince Charming lottery. Right in the middle of happily ever after, a creditor garnished Cinderella’s newfound wealth.  Her brand new great big mound of money was swept clean from her account, just like that—poof!—it was gone.  “Surely you would not take my good fortune from me!” Cinderella protested. “The judgment is good for 20 years,” replied the creditor.  And thus Cinderella went from rags to riches and back to rags again.   A Money Judgment is just a piece of paper, EXCEPT a creditor may watch your bank account over the next 20 YEARS.  If your credit score goes up, that creditor might reappear.  With a Money Judgment, he may get your car, your real estate (except homestead), or garnish your bank account without prior notice to you, freezing any good fortune you come into. Everybody should pay their debts; however, certain incomes are exempt to prevent a choice between paying the […] Read More