The short answer to your questions is "yes". Whether its likely that your bank accounts will be garnished or you'll lose your house is a different question. The writ of execution indicates that a judgment was entered against you. With that judgment, if the creditor knows where you do your banking, it can garnish money from your account. I would suggest that you consider changing banks if you think the creditor knows where you do your banking. Depending on the amount of the judgment and if you have other liens on your home, the creditor may seek to have your home sold a sheriff sale. Its hard to say without more information whether that is likely. If you are unable to come up with a lump sum of money to pay off the debt or unable to reach an agreement on an affordable payment plan with the creditor, one option would be to file a Chapter 13 bankruptcy and make payments to the creditor, usually for far less than the amount of the debt owed. There may also have been a defect in the process leading to the entry of the judgment against you. If that judgment was entered relatively recently, you might be successful in asking the court to strike the judgment and reopen your case so that you can defend the claim. These types of debt collectors have difficulty winning cases when the claims are defended because they often have insufficient paperwork to verify the claims or their ownership of the claims. The one thing I will suggest that you not do at this point is to do nothing.
Answered on Nov 14th, 2013 at 4:01 PM