States establish specific types and amounts of the debtor's real and personal property that are exempt from creditor action; therefore each state is different in what can and cannot be seized by a judgment writ. In most cases, the exemptions allowed to protect property from a lawsuit judgments are the same as those that can be used in bankruptcy filing. In some cases it is also possible for the debtor to use federal non bankruptcy exemptions. The best choice is for the debtor to obtain legal advice from a qualified attorney (bankruptcy, general law, etc.)or legal aid association. Most attorneys offer free or minimal fee consultations to discuss the options that are available. State bar associations have a free referral service as does the American Bar Association, http://www.abanet.org. The debtor can also receive a list of pro bono or reduced fee from the office of the clerk of the circuit court in the city or county where the judgment was granted.
A Mortgage is a pledge of real property to a creditor as security for the repayment of a debt involving the property.
Real or personal property that can be seized by a judgment creditor for repayment of the debt. In most US states garnishment is usually the first choice of executing a judgment, followed by bank levy or the seizure and sale of non exempt property (stocks, bonds, etc.) or a lien against real property.
If the judgment is valid it can be executed by the judgment holder in the manner prescribed by the laws of the state in which the judgment debtor resides. The only action available to avoid a lawsuit judgment is to reach an agreement with the creditor for repayment of the debt.
Yes, if the creditor sues the debtor and is awarded a judgment, the judgment can be executed as a lien against real property owned by the debtor. A "charge off" does not mean a debt is not valid nor subject to collection.
No levy may be placed on a home or even a garnishment made unless the creditor has obtained a judgment on the debt through a court. The judgment automatically becomes a lien of property the debtor owns. The creditor then attempts to levy on the property threatening to sell it to pay the judgment debt. Some states force a judgment creditor to go after personal assets like bank accounts first before going after real estate. In that way although the lien is there, the levy cannot yet be made.
If Your creditor get a judgment against you they can sell what property you have to pay the debt. So the answer is Yes.
The time to contest a creditors claim of an unpaid debt is when and the creditor has sued you for the debt and the matter is in court for the hearing. If you miss your opportunity to defend against their claim, the judgment will usually be in the creditor's favor and the court will issue a judgment lien. Once the lien is issued and recorded in the land records you cannot sell or mortgage your property until the lien is paid.The time to contest a creditors claim of an unpaid debt is when and the creditor has sued you for the debt and the matter is in court for the hearing. If you miss your opportunity to defend against their claim, the judgment will usually be in the creditor's favor and the court will issue a judgment lien. Once the lien is issued and recorded in the land records you cannot sell or mortgage your property until the lien is paid.The time to contest a creditors claim of an unpaid debt is when and the creditor has sued you for the debt and the matter is in court for the hearing. If you miss your opportunity to defend against their claim, the judgment will usually be in the creditor's favor and the court will issue a judgment lien. Once the lien is issued and recorded in the land records you cannot sell or mortgage your property until the lien is paid.The time to contest a creditors claim of an unpaid debt is when and the creditor has sued you for the debt and the matter is in court for the hearing. If you miss your opportunity to defend against their claim, the judgment will usually be in the creditor's favor and the court will issue a judgment lien. Once the lien is issued and recorded in the land records you cannot sell or mortgage your property until the lien is paid.
It will be difficult to prevent the creditor from obtaining a judgment when the debtor has no monies. The debtor may have to borrow money from friends or relatives to prevent pending legal litigation. The creditor generally prays for judgment after negotiations for repayment of debt have broken down and cannot be agreed upon.
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.
In most cases, no. If the debt was discharged in your bankruptcy, the creditor cannot attach a lien on property after your case is file. If the debt is non-dischargeable (i.e. tax debt, fraud, etc.) then the creditor can attach a lien until the judgment amount is satisfied.
Yes, if the creditor obtains a judgment lien in court.Yes, if the creditor obtains a judgment lien in court.Yes, if the creditor obtains a judgment lien in court.Yes, if the creditor obtains a judgment lien in court.
Means a judge's order you must pay a creditor. A creditor with a judgment can have your wages garnished to repay the debt.