Any assets needed to satisfy the debt can be seized. The party must provide a receipt and track all proceeds. Anything obtained over and above what is needed to satisfy the judgment must be returned. If the judgment is for $5,000 and they seize items and sell them for $6,000, they must return the difference.Other Contributor OpinionsAll US states have a list of exemptions to protect real and personal property from a judgment creditor, these exemptions are usually the same as those allowed in bankruptcy, plus non bankruptcy federal exemptions are available in some cases.
All SS benefits, public assistance benefits and the majority of private pensions are exempt from creditor attachment.
Generally the most important exemption for most people will be that of the Homestead, which protects the primary residence from a forced sale by the judgment creditor, several states such as Texas have specific laws that do not allow the forced sale of a primary residence to satisfy a judgment.
There is also added protection for married couples living in states where marital property both real and personal can be held as Tenancy By The Entirety and only one spouse is the debtor.
if you have the ability to do an act required under a judgment then you can be held in civil contempt and actually jailed, however if it is strictly a monetary judgment then you cannot be incarcerated, but your wages can be garnished and your assets seized by the judgment holder.
Not directly (at least not legally). She could obtain a court judgment against you and have your assets seized.
Police Seized my truck. Illegal assets must be Seized.
Yes. Any property you own can be seized to satisfy a judgment.
Absolutely not. It is not unusual for a judgment to be awarded to a creditor, but it cannot be "satisfied" because the debtor is deemed judgment proof. Meaning the person has no assets that can be seized for the amount of the judgment. However, in most cases judgments are renewable. Creditors may continue to do this, based on the premise the debtor at a future date will have property or income the judgment can be executed upon.
Each state has different laws on what assets can be protected from judgment creditors.
Nothing. A lien may be placed on real property that you own. At time of sale..the lien will be satisfied. Kiss the ground you live in florida. You can steal from credit card companies at will.
Child support judgments are entered against individuals. However, assets in that individual's name can be seized to pay past-due support.
Florida does allow wage garnishment and bank account levy assuming the funds are not those protected under federal or state law. Generally the creditor will hold the judgment until the debtor does acquire property or assets that can be seized. Judgments accrue interest as long as they are open this means the debt will increase as time passes.
Anything found that you legally own. Bank accounts, cars, homes, stocks. bonds. they have to find it first, make sure it's legally owned by you, then do the paperwork to the Sheriff or other to seize it.
If the value of the assets greatly exceed the allowable exemptions, then yes they can be seized.
The judgment holder will have to enforce the judgment. He/she will get leave of court to conduct a citation to discover assets, where they will grill the bank account holder on his/her assets. At some point down the line, the court can freeze the assets or order them turned over.
They can levy them once they have a judgement.
Something in "aid of execution" is a court pleading or action to do something to enforce a court judgment. Enforcing a judgment, whether one for money damages or for eviction, is done by execution on the judgment. A judgment holder on a debt can execute the judgment by attaching the defendant's assets or garnishing salary. One way to force payment is to execute or levy on a defendant's assets. Sometimes the location of those assets is unknown and a court will give the judgment holder the right to bring the defendant in to declare his assets and tell where they are. Not every state will do this. The judgment holder applies for an order to compel the defendant to appear. This in an effort to aid in the execution of the judgment. hence the phrase.
Some judgments/liens are renewable quite literally forever. Being judgment proof does not mean you are relieved of the debt. It is a term used to designate the debtor has no assets at the time of the judgment which could be seized. If sometime later the debtor becomes employed, receives an inheritance, etc. the creditor can enforce the collection of the judgment. How long it stays on the CR will depend on what type of judgment.
Only insofar as the judgment can be levied against the estate of the deceased. Since it can be assumed that the willed property was part of the estate's assets then it can be liened if there are insufficient other funds in the estate's assets to satisfy the judgment.
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.
You can't really protect or hide your assets legally from judgment creditors. It is best to pay your bills on time and try not to get a judgment.
The defendant(s) would be considered to be "judgment proof" (legal term execution proof). This means the person has not property that can be seized nor wages or bank account(s) that can be garnished by creditors for repayment of the debt. It is not uncommon for a lawsuit defendant to be "judgment proof", the creditor can still record the judgment in hopes that the debtor will not always remain in his present economic status.
It is used by a judgment creditor to freeze the assets of the debtor and to find out what assets the debtor has.
Garnish your wages.
You could sue and get a judgment, but most states would not allow you to garnish the disability benefits to collect the judgment. If the person on disability had other assets like a house, you could go after those assets. If the person IS on disability, they might not HAVE other assets to go after.
After the sale of the vehicle if there is a difficency balance the lender can file a judgment for the difference. Depending on the jurisdiction of the judgment the process used to try to collect on the judgment varies. First you must determine what assets the person has if any, and then that will determine your course of action. If the person has no assets then you're just wasting time and money although they may obtain assets in the future. In some jurisdictions you must renew a lien or judgment every two years.