The terminology that is generally used is "judgment proof" or "execution proof". Basically it means that the debtor has not property which can be seized by creditors for repayment of debt. Or possibly the debtor resides in a state which does not allow such action to be taken; for example wage garnishment for creditor debt is not allowed in Texas, Pennsylvania, North Carolina or South Carolina.
No, they are exempt from the bankruptcy laws.
The majority of private pensions are exempt or partially exempt from garnishment by judgment creditors not by child support orders or tax arrearage payments. All Social Security, government and military pension benefits are totally exempt from judgment creditor garnishment.
Yes if funds are not exempt
No. Military and government pensions are exempt from judgment creditor action. However, the judgment debtor should keep in mind that it is his or her duty to inform the court that such funds are exempt from attachment. Exempt monies such as pension benefits, SSI, SSD, etc. should never be commingled with other funds in any bank account.
Non exempt is everything that is not defined as exempt. Generally this pertains to collecting a judgment. You can't, for example, typically be forced to give up your home or your car up to a certain value satisfy a judgment and thus those items would be considered to be exempt from collection. On the other had income from a job or a savings account would be non-exempt meaning that they could be seized to satisfy the judement. You would want to check with the rules in your county to determine what would be considered exempt if you do not know.
Whatever the state in which the judgment was granted allows. All Social Security benefits and public assistance are exempt from creditor judgments as are the majority of pension both private and military. Generally the personal and property exemptions that are allowed in BK are the same as those used to protect assets and property in the execution of a creditor judgment.
Such benefits are exempt from creditor garnishments. However, the funds should never be commingled with non exempt monies to assure their protection from a judgment creditor.
All social security benefits are exempt from attachment by a judgment creditor, generally federal and state pensions are also exempt. Whether or not private pensions are exempt from judgment execution is determined by the laws of the state where the debtor resides. FYI, Social Security and other exempted funds should not, for reasons of clarification be commingled with other income.
Generally, no. Social security funds are usually exempt from garnishment to satisfy judgment. There are so exceptions, though.
Yes, in the majority of U.S. states unemployment benefits are not exempt from creditor judgment action. The usual amount is 10% of the expendable income.
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.
The creditor can file suit against the debtor and if the creditor is successful and is awarded a judgment the judgment can be executed against all non exempt real and personal property belonging to the judgment debtor.
Anything that is not exempt under your state's laws, and any value in excess of the exempt value or amount. In Massachusetts, you get to keep a church pew and a few chickens, for example. And $125 a week of your paycheck.
No. The Social Security Administration is the administrator of Title IV and all SS benefits are exempt from creditor attachment. The beneficiary should never commingle exempt income with other monies in a bank account, and if he or she believes they may be subject to a creditor judgment the bank should be notified in writing that the account contains exempted funds.
A third party collector generally attempts to collect or settle on the debt by using conventional means, such as mail and telephone contact. They can file a lawsuit and if they prevail they will be awarded a writ of judgment which can then be executed against any non-exempt property that is owned by the judgment debtor. Some methods of collecting a judgment are wage garnishment, bank account levy, liquidation of non-exempt assets, liens against real property. The laws of the judgment debtor's state determine how and what property can be protected from creditor attachment.
Please visit Law Dog Com. http://www.lawdog.com/states/tx/judm.htm
No. All SS benefits are exempt from judgment creditors.
First, you must file a suit in either small claims or district court. You will need to prove your claim. When you prove it, you will obtain a judgment against that company. Afte you obtain a judgment, you can have the judgment enforced and one of the ways you can enforce a judgment is to put a lien on non-exempt real property.
NO * No, owing a judgment is not a criminal offense. The judgment creditor can execute the judgment against debtor's property to recover monies owed. The preferred method of collecting on a judgment is wage garnishment or bank account levy (including joint accounts). Other options available to the judgment creditor are the seizure and liquidation of non exempt property belonging to the debtor, or liens against real property.
No.All SS benefits and public assistance benefits are exempt from creditor action. If the benefits are commingled in a bank account with non exempt funds, it is possible for a judgment creditor to request the court freeze the account until the amount of exempt funds is proved.
Please visit the Law Dog Com website. http://www.lawdog.com/states/ok/judm.htm
Is there a form for this? Should I write a letter to the judge?
Technically and legally, no. But, they do try and sometimes are successful until the garnishee files suit to have the judgment garnishment quashed. FYI, Never commingle funds in a bank account when there are monies that are exempt from IRS or state tax agencies or judgment creditors. Always keep exempt funds in a separate account designated as such.
Short answer, a valid judgment can be executed against the debtor's non exempt property at any time. A judgment that has been perfected as a lien against real property is more likely to be implemented as a forced sale of the property in question. And a judgment accrues interest until it is paid or satisfied with the judgment creditor.