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Can a judgment creditor force sale of debtors real property in ny state?
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If more than one person owns a piece of property and one of the people owe money can a creditor of this individual put a lien on the property or force the property to be sold?
Where there are joint owners a creditor of one can petition the court for a judgment. If the creditor is successful and the debt isn't paid then they could petition to partition (sell) the debtors interest. You may need to purchase that interest to keep your property ownership close with no third party owning an interest.
What can collection agencies seize?
State laws determine the property that can be excempt from a judgment creditor. Generally it will be the same property which is considered exempt during bankruptcy with a few exceptions. The major exception would be the homestead exemption amount and/or the ability for a judgment creditor to force the sale of a primary residence. Another issue that could impact the judgment execution against any property is whether the debt applies to married couples who are not co-debtors and do not live in a community property state. The majority of judgment creditors prefer the use of wage garnishment when executing the judgment writ. In lieu of that the second choice is usually bank account levy.
Can residential property be levied to pay a debt?
No levy may be placed on a home or even a garnishment made unless the creditor has obtained a judgment on the debt through a court. The judgment automatically becomes a lien of property the debtor owns. The creditor then attempts to levy on the property threatening to sell it to pay the judgment debt. Some states force a judgment creditor to go after personal assets like bank accounts first before going after real estate. In that way although the lien is there, the levy cannot yet be made.
If one spouse has a judgment against them in Florida can the creditor pursue or force the sale of a Connecticut property that is held by joint tenancy?
Generally yes, against the husband's interest only. However, they would need to find the property first and obtain a judgment in Connecticut.
If one spouse has a judgment against them in a different state can the creditor pursue or force the sale of a new york state property that is held by the entireties?
No. A creditor cannot force the sale of property owned as tenants by the entirety. It could record a lien but then would need to wait. If the non-debtor spouse died they could take the property. If the debtor spouse died they would be out of luck.
Can a judgment creditor take my fully financed car?
Not if it is 100% financed or on a lease. A judgment creditor can force you to sell it for its market value, pay the lender what is due on the loan and take the rest.
Can a collection agency garnish your wages over a defaulted private career training loan in Texas?
Texas law only allows wage garnishment by a judgment creditor if there is no other means for the creditor to collect monies owed. The state does allow a judgment creditor to levy bank accounts, seizure and sale of non exempt property or lien against real property owned by the judgment debtor. Texas law does not allow the forced sale of a primary residence to satisfy a judgment for creditor debt. Adding: Texas law doesn't allow wage garnishment except for student loans, taxes, or child support. They can levy your bank account and force the sale of non-exempt property like boats, extra vehicles, second homes, etc.
Can a creditor force you to sell your car?
If the creditor wins a lawsuit judgment against the debtor he may be able to execute it against a vehicle belonging to the debtor defendant. States establish vehicle exemption which are to be used to prevent a forced sale by a judgment creditor. Judgment creditors however rarely take such action, as the seizure and sale of a vehicle is complicated and seldom worth the effort needed. Creditors prefer to execute a judgment as wage garnishment, bank account levy or a lien against real property as means to recover debts owed.
What are the repercussions of having a lien on your property?
Your property cannot be sold or mortgaged until the lien is paid. If the lien is substantial the creditor can force a sale of the property. If the lien is for property taxes the town can get a court order, take possession of and sell the property. You should also be aware that interest begins to add up on any judgment lien until it is paid off. The debt will grow larger.
How can a judgment put a lien on your land?
Generally, the sheriff can sieze the property and sell it to pay the creditor the amount owed. Check your state laws. If the creditor doesn't request a sale and chooses to suspend action then the creditor need only wait. The recorded lien will affect any future sale or mortgage of the property. During the time it remains unpaid interest is added at an alarming rate. In Massachusetts the rate is 12 percent. A buyer or bank will insist the creditor be paid before completing any transaction. A lien originally in the amount of $1,100 was recently satisfied at a closing in the final amount of $3,600.
Can a judgment creditor force the sale of a home if it does not have a mortgage attached?
It depends on whether the judge determines that the house is "necessary" and if it is a significant financial resource. If you have a lot of equity and the house is a little "ostentatious", he/she may determine that it isn't really necessary and that you can get by with a much more modest house. But it will all depend on the determination of the judge. * Although it is possible in the majority of US states for a judgment creditor to file a lien against real property, perfect the lien and then request a forced sale, the action is rarely implemented by the judgment creditor. In most cases the state or federal homestead exemption will protect a primary residence from a forced sale. Please be advised that a homestead exemption is not always automatically covered by state law and the homeowner is required to file a declaration of homestead for a primary residence to be protected. Also, a few states (Texas is one) have established laws that directly forbid the forced sale of a primary residence by a judgment creditor.
If you own a property foreclosing in Colorado but live in California can they force you to pay the deficiency judgment?
yes
