What assets or money can be taken from us if a judgment has been made against us to collect unpaid rent for a business we had to close?
It depends on the details. If the business was incorporated and the judgment was against the corporation the creditor can only take business property and assets. If you owned the business as individuals then a judgment creditor can take any of your assets to satisfy the judgment: bank accounts, vehicles, boats, equipment, real property, etc.
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Is compensation for an injury considered an asset that can be taken in a judgment against the person who received it?
Answer . \nIt depends, some states have laws that protect funds garnered from a personal injury award from attachment/seizure by creditors. If the judgment concerns a lawsu…it that involves damage to personal property or personal injury the funds are generally not exempt from seizure by the winning party, but are viewed as private assets/income. However, there may be contributing factors, one would be if the original award pertained to a permanent disability.
Answer . \nUnless the judgment can be proved to be faulty the debtor has little choice but to try to protect as much personal and real property as is possible. All states h…ave a set of exemptions which protects specific property from attachment or seizure for the repayment of debt(s). The preferred methods of executing a judgment are wage garnishment and bank account levy. However, judgments can also be used to place liens against real property or to initiate a forced sale of any non-exempt property belonging to the debtor. It would be in the best interest of the debtor to obtain legal advice, most attorneys offer free or minimal fee consultations. If the person is not certain what type of legal counsel is needed they should contact the state bar association or legal aid service in the area where they live.
If you have a debt in collections or a judgment but have no property in the US can your creditors collect on property or assets in another country?
Answer . \nNo, judgments or debt collection procedures cannot be enforced against the debtor's property outside of U.S. borders. Where large debts have been incurred in co…njunction with a business, litigation action has been somewhat sucessful in U.S. Commonwealth countries like Puerto Rico.
What action can be taken if a debt collection agency sued you and default judgment was passed for an unpaid debt if you are temporarily out of the country for a 1 year assignment?
A motion or application for an order vacating or setting aside the judgment may be made if service of the complaint had not been made properly. Before a judgment can be entere…d against a debtor, the complaint must be served on the debtor personally or sometimes if the court allows, by certified mail. If the debtor was not served with the complaint because he was out of the country and if he did not know about the lawsuit, the judgment entered would be void. But because the judgment is on the public record as a judgment, the debtor has to ask the court to set it aside. If the court agrees that the judgment should be set aside, it will enter an order vacating the judgment , but it will also reinstate the case as if it were just filed. By filing the motion to vacate the judgment, the debtor has automatically acknowledged service of the complaint, so there is no longer a need for the plaintiff to serve it and the case will start again. In addition to this, a debtor in that situation should also review very carefully the documents the collection agency filed in order to prove to the court that the debtor was properly served. If that "proof" was falsified, the agency could be in violation of state and federal debt collection laws, perjury laws and contempt of court rules.
Answer . Depends on what state you are in. Some states allow a creditor to garnish your wages or take the funds from your bank account. Of course, the creditor would have …to know your bank info. or employer to do this. Some states also allow collection against your assets, i.e. home. It just depends on what state you are in. In Texas, where I practice, a home is non-exempt from collection and wage garnishment is only allowed in child support cases. I do not know what state you are in to advise you specifically. Collecting on a judgment is a long process and is usually very hard work for the creditor b/c they have to find out what your assets are, where you work, which bank you use, etc. Depending on the amount of the judgment, it may or may not be worth it for the creditor to incur the expense of collection. It depends on the amount of the judgment and the creditor. I would consult a local attorney or bankruptcy attorney that is familiar with the collection laws in your particular state. Good luck.
Should a constable serve a certified letter to a tenant that a judgment has been made against in the hope of collecting money owed which the courts have made the decision to garnish his wages?
A constable cannot serve a certified letter. Certified letters are from the US Postal Service, while a constable is a court employee used to help execute on judgments. Some co…urts may permit a constable to use certified mailing as opposed to personal servicet, to give debtors notice of wage garnishment. If the certified mailing is accepted or even refused by the debtor, service will be deemed complete. Service by certified mail is usually accompanied by a mailing of ordinary mail simultaneously. If the certified mail comes back because it simply was not picked, the ordinary mailing proves that the debtor lives there if the ordinary mailing does not come back as Addressee Unknown. These methods of service may not be utilized in all courts, so the debtor has to look into the court rules where the judgment came from.
Garnish your wages.
Huh? Take money from what...one obligation to pay another? It is their obligation to pay the judgment AND to pay employees (and rent, and insurance, and utilities, etc). It is… not the employees responsibility, nor the landlords, nor the insurance company, nor the utility.
it means one way or the other you will have to pay back the money
When a landlord files a claim against a tenant for unpaid rent and is awarded damages - does the judgment stay on the tenant's record?
Unless those assets are part of an expressly-designated expense account, that would be fraud.
The person to whom you owe the money would need to file a document with the courts notifying them the judgment was satisfied. I would then suggest that you keep copies of thes…e documents also since old debts some times have a bad habit of popping back up.
In Small Business and Entrepreneurship
If a small business has a lawsuit or judgment against them can they take your personal assets such your house car and other monthly incomes not associated with the business?
If you operate as a soleproprietor then yes your personal assets can be used to satisfy the judgement. If on the other hand you operate as a corporation or a LLC then your per…sonal assets are protected.
In Apartments and Home Rentals
The landlord's tacit hypothec -- It is an action that gives the landlord security for rent money that has not been paid. If the tenant has not paid the rent ,his goods are sol…d to cover the unpaid rent. When the goods are attached, it means an officer of the court will come and take the goods away as a form of security for outstanding rent and while the goods are on the leased property the landlord may interdict the tenant from removing them.
In Law & Legal Issues
The judgment continues to sit on your credit report. In some cases, the person or company that was awarded the judgment on you can file paperwork to have your wages garnished …and/or have any property that you have in the future held (titles) so you cannot sell them until the debt is repaid. That is uncommon though. In most cases, the judgment just sits on your credit, continuing to make it worse. You should pay your debt.
In Law & Legal Issues
Usually when a business closes it still has some assets, including accounts receivable (i.e.: money which it is owed), and those assets will be acquired by somebody. So the bu…siness that is closed isn't collecting money owed, but those debts can still be collected by someone.
In Civil Lawsuits
When a case is closed and the only money collected is less than the amount of judgment what happens?
Return to the court and request a judgment lien. It can be recorded in the land records and any real property owned by the defendant cannot be mortgaged or sold until the lien… is paid. The judgment lien can also be used by the sheriff to seize any other personal property to satisfy the amount owed. Return to the court and request a judgment lien. It can be recorded in the land records and any real property owned by the defendant cannot be mortgaged or sold until the lien is paid. The judgment lien can also be used by the sheriff to seize any other personal property to satisfy the amount owed. Return to the court and request a judgment lien. It can be recorded in the land records and any real property owned by the defendant cannot be mortgaged or sold until the lien is paid. The judgment lien can also be used by the sheriff to seize any other personal property to satisfy the amount owed. Return to the court and request a judgment lien. It can be recorded in the land records and any real property owned by the defendant cannot be mortgaged or sold until the lien is paid. The judgment lien can also be used by the sheriff to seize any other personal property to satisfy the amount owed.