The Importance of Satisfying a Judgment
A judgment has certain legal ramifications. For example, if you want to buy a house and the bank finds out you have unsatisfied judgments, they may refuse to loan you money until these are taken care of. Why? Because judgments may affect your ability to repay any new obligations. Your creditors have a legal right to collect that money from you. If they should choose to garnish your wages, you may be unable to make your mortgage payment. Even worse, creditors may be able to attach a lien against your personal property — like your car or work tools. Without these things, you could be out of a job.
So no matter what your financial situation, it’s always a good idea to work with your creditors and find a repayment plan that everyone can agree on.