States establish laws concerning what personal and real property can be attached by creditor judgments. In the majority of US states the debtor's wages can be garnished or bank account levied. Secured property such as a vehicle or home can generally be protected by the exemption allowed or a lien placed against real property belonging to the debtor. It is extremely important for homeowner's to be knowledgeable about the homestead exemption and how the primary residence should be titled and/or filed according to the state law. Some states have the homestead exemption "automatically" included in state statutes, other states require that a declaration of homestead be filed in the names of all the persons listed on the deed/title to the property. Exemptions that are allowed under the bankruptcy laws of the state in which the debtor resides are the same as those used to protect designated property from seizure by a judgment creditor. Non federal bankruptcy exemptions may also be applicable, (Social Security benefits, miltary or government pensions, etc.). Judgment exemptions are NOT automatically granted, the judgment debtor must file the claim for such with the court and the judgment creditor's legal counsel.
Yes. Any property you own can be seized to satisfy a judgment.
Property can be seized by a financial judgement even if it is jointly owned. There are however ways to get around this. There are waiver and judgements that can be put into place to protect a spouse or business partner from incurring loss from a lien or judgement. The laws differ in each state so it is always best to consult an attorney on these matters.
They can levy them once they have a judgement.
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.
yes of course
You property can only be seized under due process of the law, which means that an order of garnishment would have to be issued by the Court. If there is an order of garnishment, then your tax return will be seized.
Guns are property just like any other and there is no particular reason why they would be immune from seizure.
Probably. In most states, the only way to get a judgment lien on a car is to actually get a writ of execution and have the card seized and auctioned off. The laws of your state may be different.
Yes, a 401(k) plan may be seized by a judgment creditor after a civil lawsuit even though you personally are not entitled to take the funds out without a tax penalty. If the 401(k) is seized, you will probably have to pay the taxes and penalties just as if you had taken out the funds yourself and used them to pay the judgment creditor.
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.
Not directly (at least not legally). She could obtain a court judgment against you and have your assets seized.
No, not directly. But your bank account can be levied by a judgment creditor and any monies including tax refunds can be seized.
If it's the owner of your car loan and you defaulted then the car can be repossessed. If you have a judgment against you for any other debt then yes, if you own a car it may be seized by your creditor to cover the cost of your debt.
Yes, if the vehicle is not protected by the state's exemption amount. If the judgment is not by the lender who holds the lien on said vehicle it is unlikely that the judgment debtor would engage in such action especially if there are other means of enforcing the judgment writ, such as garnishment of wages or levy of a bank account. I don't understand what is the exemption amount?
Yes they can be ordered open, but it requires a different court order
Federal tax refunds can be seized by the IRS for tax arrearages without the normal legal procedures being used. Federal and state tax refunds can be seized by a state child enforcement agency for court ordered child support arrearages. Tax refunds cannot be seized for creditor debt, for example, a judgment for non payment of a credit card account. But, once the refund is placed in a bank account it can be subject to levy by a judgment creditor. The Federal Government can also offset your federal tax refund to pay a student loan debt.
If you have no assets to pay the judgment, but have a job, the creditor will probably look to garnish your wages. If you have no job, the judgment will remain on the docket as a lien against any real estate yo may purchase or inherit in the future and attach to that. Then that real estate can be sold to pay the judgment.If the judgment debtor has no current financial resources which can be attached by the judgment creditor, the creditor will usually wait until the situation changes.Very few people are completely judgment proof, there is usually some form of property that can be seized and sold to pay the debt or have a lien placed against said property until the debt is satisfied.For example, if the debtor owns a home the judgment creditor can place a lien on the property thereby keeping it from being sold, refinanced or a transfer of title until the lien is paid.
Credit reports are lifetime cumulative records of your financial history. They are with you forever, however, the older the judgment AND if you maintain a good credit history after the judgment, the less weight it carries.
No. Court judgments can NOT be discharged in bankruptcy.
Yes. After a judgment has been made, the defendant(s) have a specific period of time to meet the financial terms of the judgment. If they do not, the plaintiffs may collect a fair interest rate on the judgment until the monies are paid.
If the unpaid debt was for a specific item, or items, of propety, it will be the first thing to be seized. However, beyond that, anything of value that you own can be seized or liened, up to the value of the courts award - including garnishments on your salary.
This means that the final judgment cannot be heard until all financial obligations are met. This is mainly associated with lawsuits and court related cases.
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.