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What law gives the creditor the right to sell the debtors property to satisfy the debt?
Wiki User
∙ 12y ago
First, there is no law that allows a creditor to sell property owned by a debtor. Rather, the creditor seeks a court judgment against that debtor and the court decides how the debt will be paid if the debtor is unable to do so out of their liquid accounts.
Second, the property must be linked to the debt in some way. For example, repossession of a car for an unpaid auto loan, foreclosure on a home for an unpaid mortgage. A credit card company cannot go directly after the property of a borrower that did not pay - rather, they must seek judgment to do so AND the court must provide for the sale of property.
Finally, the creditors must follow fair debt collection practices, meaning that there is a long time between liquidating any property and determining that the debtor will not pay. Collections processes generally run up to 180 days and subsequent court proceedings (e.g., foreclosure or civil suits) will take some time as well.
Wiki User
∙ 12y ago
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What is relief of stay?
Filing a bankruptcy automatically "stays" almost all actions against the debtor. It gives the debtor a temporary hiatus from actions by creditors although it is not permanent and as the procedure progresses the debtor's property may eventually be distributed. A creditor's lawyer, especially a foreclosing bank, can seek a "relief from stay" by filing a motion with the court. If the motion is granted the creditor can go ahead and foreclose on the property and sell it to satisfy its debt. That usually happens when there is no equity in the property.
What is of relief?
Filing a bankruptcy automatically "stays" almost all actions against the debtor. It gives the debtor a temporary hiatus from actions by creditors although it is not permanent and as the procedure progresses the debtor's property may eventually be distributed. A creditor's lawyer, especially a foreclosing bank, can seek a "relief from stay" by filing a motion with the court. If the motion is granted the creditor can go ahead and foreclose on the property and sell it to satisfy its debt. That usually happens when there is no equity in the property.
What is an antichresis?
An antichresis is an agreement by which the debtor gives his creditor the use of real property to be able to pay interest and principal of his debt.
What is real estate judgement?
A court ruling that gives a creditor the right to take possession of a debtor's real property if the debtor fails to fulfill his or her contractual obligations.
What is the advantage of note receivable to creditor?
Notes receivable offer several advantages to the creditor. It gives the creditor more time to pay as well as including a guarantee to the owner of the creditor.
What is real estate judgments?
A court ruling that gives a creditor the right to take possession of a debtor's real property if the debtor fails to fulfill his or her contractual obligations. A judgment lien may be made against an individual or business and allows the creditor to access the debtor's business, personal property and real estate, among other assets, to pay the judgment.
What happens after your creditor has sent your account to an attorney?
The attorney gives you some time to pay, then gets a judgment and uses the other legal options(garnishee wages, attach property, bank accounts).
What makes a loan a secured loan?
A secured loan is a loan in which the borrower pledges some asset (e.g. a car or property) as collateral for the loan, which then becomes a secured debt owed to the creditor who gives the loan.
Distinguish between a debtor and a creditor?
a debtor is someone who owes you money and a creditor is someone who gives you credit for a service or supply of items
If a creditor gives account to attorney for a judgment-can the creditor freeze the debtors business bank account-or just his personal accountCreditor account in my name only co-signed business acc't?
They can legally freeze anything with your name on it. Also know if they can prove your spouse has a checking account with the same bank you do they can take it too. They don't actually freeze it. They take out the balance and refund whatever is left after all their costs. ONLY IF IT IS A JUDGMENT!!!!!
What is Texas law about senior citizens that cannot pay credit cards?
Senior citizens are not immune to collectors nor lawsuits by creditors simply due to their age. All SS benefits are exempt from garnishment by judgment creditors as are military and government pensions and in most cases private pensions. Real and personal property exemptions (those things which a judgment creditor cannot seize) apply to all persons regardless of their age. The exemptions allowed under the bankruptcy laws are those that are used to protect property from judgment creditor action. The Fair Debt Practice Collection Act gives judgment debtors specific rights concerning collection procedures. Texas law allows liens on real property by judgment creditors it does not allow the forced sale of a primary residence. (The judgment debtor must have a homestead declaration on file with the county assessor/land office).
What number when squared gives you the value 36?
Either 6 or -6 will satisfy this.
