What can I do if an attorney has a judgement against me for credit card debt? 2 Answers as of July 13, 2011

In his letter he stated, "a judgement has been recorded in the county where you own real property. This creates a lien on the property to the extent that it is nonexempt from execution and levy. Under certain circumstances, after execution and levy by the sheiff the property can be sold to satisfy the debt." Can they really sell our home? I am in Colorado.

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Colorado Legal Solutions
Colorado Legal Solutions | Stephen Harkess
A levy on real property is theoretically possible, but it is not going to happen. The cost of foreclosing on a judgment lien is prohibitive and you could shield up to $60,000 in equity in a primary residence. What will actually happen is that the lien will sit in the records attached to your title and will have to be addressed if you ever want to sell or refinance your house. If necessary, the lien can be removed from the house in a bankruptcy filing in most cases.
Answer Applies to: Colorado
Replied: 7/13/2011
Bankruptcy Law Center
Bankruptcy Law Center | Bill Zurinskas
If a creditor has a judgment against you in Colorado, they have the power to garnish your wages or bank account, as well as place a judgment lien against all real property located in the county where they file a transcript of judgment. These are the 3 most comon collection procedures for a creditor holding a judgment in Colorado. To verify whether or not there is a lien, call the Clerk & Recoder in the county where you hold any real estate. If you do not own any real property in said county, the judgment lien does not attach to your personal property (such as motor vehicles, household goods, etc.). A bankruptcy attorney (after you file for bankruptcy) may be able to remove the judgment lien from your home.
Answer Applies to: Colorado
Replied: 7/13/2011
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