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What does it mean when SBA or the bank wins judgment against your assets?
Wiki User
∙ 16y ago
The plaintiff may now demand that a bank or broker freeze your accounts, and that a sheriff of marshal seize accounts or other property. The plaintiff may also file a lien against any recorded property, such as real estate. If the assets are hard to find, the plaintiff may require a deposition called a debtor's examination to require you to disclose your assets.
Certain assets may be protected from seizure by federal or state bankruptcy laws.
Wiki User
∙ 16y ago
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If you have a judgment against you what does this mean and what can the company that has the judgment against you do to you?
A judgment is a court order that is awarded when a lawsuit is won by a plaintiff. The judgment can be executed in several ways pursuant to the laws of the state where it was awarded. Some of them are, garnishment of wages, levy of bank account(s), liens against real property, seizure and sale of nonexempt assets belonging to the defendant. Macky...(macky83@juno.com)
What does a judgment mean on an unsecured credit card?
It means the creditor has won a lawsuit, been awarded a writ of judgment and can execute the judgment against non-exempt assets and property as defined by state law that belongs to the judgment debtor. The preferred method of executing a judgment is by wage garnishment, followed by bank account levy, the seizure and liquidation of non-exempt property and liens against real property. The state exemptions allowed for personal and real property when properly used can give the defendant/debtor considerable protection against the enforcement of a creditor judgment.
What does aid in execution mean?
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.
What does restrained bank account mean?
When a bank account is RESTRAINED it means that the bank has put a "freeze" on the account and no funds may be withdrawn by anyone. Usually this is the result of some party with a judgment against the account holder who --by virtue of their judgment obtained in court-- has the right to go after any assets of the account holder. While RESTRAINED, all funds remain at the bank (minus any bank fees the bank may charge for having to process the Restraining Order). Ultimately the funds will meet one of the following fates: After a year, the Restraining Notice will expire (but a new can be issued quickly); or the account holder will sign over all or part of the funds in the account to whomever holds the judgment against them, and the account will be "normal" again after that; or if the account holder refuses to release any funds the judgment holder can send the local Sheriff or Marshall in to seize the funds, after which the account again returns to "normal" status but at that point the account is no longer considered RESTRAINED it is said to have been levied.
What does 'attach your bank account' mean?
'Attach' is another term used for the action taken when a bank account is levied by a judgment creditor. In the majority of instances a judgment creditor can execute the writ against a bank account held by the judgment debtor (or jointly with another party) and withdraw the amount owed until the judgment is paid. State law determines the judgment terms, therefore the levy process will differ somewhat from state-to-state. Generally a bank levy has a specified time in which funds can be seized, then the judgment must be refiled with the clerk of the issuing court before more monies can be taken from the account. A very few US states will not allow the levy of a bank account by a judgment creditor when it is held by a married couple as Tenancy By The Entirety.
What exactly does the term asset holdings mean in banking?
the bank has put a hold on your assets
What does it mean for a bank to cook the books?
Anyone cooking the books means they lied about assets or debt.
If you bought a car in your name for a fiance and then she left you said she would pay for it and doesnt can you sue her for the money or is bankruptcy the only way because you cant afford it?
you can repo the car from your fiance yourself and try to sell it to get to pay it off,yes you can sue your fiance for the money also,this doesnt mean you will get the money from your fiance,a judgment against someone means nothing unless they are employeed,have assets or someway to pay the judgment ,if she isn't paying for the car how will you collect on the judgment ,by the way it takes months to get a judgment against someone
What does JAPL mean in disposition?
JAPL in disposition stands for "Judgment Against Plaintiff." It indicates that a judgment has been made in favor of the defendant against the plaintiff in a legal case.
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.
What does a credit card judgment mean?
The creditor has won a lawsuit judgment against the debtor(s) and can execute the judgment against any nonexempt property belonging to the debtor(s). The preferred method of judgment execution is wage garnishment followed by bank account levy, or seizure and sale of nonexempt property or a lien against real property. North Carolina, South Carolina, Pennsylvania and Texas do not allow wage garnishment for creditor debt. The exception is Texas where the court can grant wage garnishment if the debtor has no other property for which the judgment can be executed against. Married couples living in community property states are both usually responsible for debts incurred during the marriage regardless of which spouse is the account holder or borrower.
What is the mean of impairment of the assets?
what is mean by assets register?
