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In a civil case and once a judgement is issued against you, any assets, including bank accounts, you have may be repossessed by the sheriff's department during the course of enforcing that order.
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∙ 11y ago
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Why do assets lose value?
Some assets lose its value like plant and machinery as they lose its power and they are known as fixed assets
In what type of liability can you lose all your assets?
Unlimited
What if you are sued and how no assets or job what is the out come?
There is a phrase that lawyers use for defendants like yourself: "Judgment proof." Its actually a bit misleading - it doesn't mean that they won't get a judgment against you, just that doing so is pointless because you have no money. In fact, the suit will go forward, because your lack of assets is not a defense. Your lack of assets will not change whether they win or lose - that will depend on who has the stronger case. If they win, or in legal terms "reduce their claim to judgment," they can only collect on whatever minimal assets you do have. They can't send you to jail for lack of assets or force you to do hard labor to pay your debt anymore, as they could in earlier times. If the judgment is greater than your assets, you are likely entitled to go into bankruptcy, and might discharge all or part of the judgment that way. If they do win, you should consult a lawyer about your bankruptcy options. Note however that some things cannot be discharged, for instance child support is not discharged in bankruptcy. Judgments that don't award money also won't be discharged. For example, orders of protection requiring that you stay away from an individual won't be discharged in bankruptcy.
How do you have to be to lose Medicaid?
You can lose Medicaid eligibility by: death; moving out of State (you must re-apply in your new State); failure to cooperate with Medicaid agency; not currently disabled or no longer a minor; income and/or assets (yours or those of person legally responsible for you) exceed limits; original approval was based on incorrect information.
When do drinkers begin to lose judgment and self control?
intoxication effect
What is legacy assets?
Legacy assets are those assets which are less productive (outdated) and in some cases least productive overtime, they are just on the brink of being a liability. When assets lose considerable value they are often termed as legacy assets. Literal meaning of the word legacy is outdated or obsolete.
What disadvantages does a partnership have when compared to a private limited company?
If the partnership go into debt, you can lose personal assets aswell as the businesses assets. A private company's assets can only be ceased if the company go into debt.
When using cocaine do you lose your sense of judgment?
Yes and no. When I was younger I tried cocaine and didn't feel like I lost any sense in judgment, just felt a sense of euphoria. However, it is addictive, so in a sense, you can lose your sense in judgment because you can throw your life away on it. Losing your sense in judgment that way should be enough to keep you away from cocaine.
Can you lose your auto license for not buckling in a child?
probably
If you are sued in an auto accident can you lose?
Yes, it is possible.
Is the court likely to let a collection agency get a judgment against you if there is less than a year left on a auto repossession before it has to come off your credit report?
It is a situation a matter of what you are behind on. You can lose a car and have judge,ent against you for owing a few dollars.
What is a Personal Umbrella Policy and why would you want one?
A Personal Umbrella Policy provides additional liability coverage above the limits of your other insurance policies, such as auto or homeowners insurance. It can provide protection in case of a lawsuit or large claim that exceeds your standard policy limits, helping to safeguard your assets and financial security.
