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What could a judgment creditor do if you do not have property or assets in Florida?
Florida does allow wage garnishment and bank account levy assuming the funds are not those protected under federal or state law. Generally the creditor will hold the judgment until the debtor does acquire property or assets that can be seized. Judgments accrue interest as long as they are open this means the debt will increase as time passes.
What else can I help you with?
What assets or money can be taken from us if a judgment has been made against us to collect unpaid rent for a business we had to close?
It depends on the details. If the business was incorporated and the judgment was against the corporation the creditor can only take business property and assets. If you owned the business as individuals then a judgment creditor can take any of your assets to satisfy the judgment: bank accounts, vehicles, boats, equipment, real property, etc.
Is a lien by a creditor placed on the debtor or the debtor's attorney?
The creditor will execute the judgment against the debtor's non exempt assets or property not the debtor's legal counsel. On the debtor.
What happens after a judgment is entered against you in small claims regarding a rental property?
The prevailing party (judgment creditor) may collect on the judgment. You may be summoned to court to tell about your assets, garnishment may be started, or other lawful means of collection may be used, at the judgment creditor's discretion.
What is exempt from a money judgment?
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.
Is A writ of attachment is a court order to seize a debtor's property before the entry of a final judgment in a creditor's?
Yes, a writ of attachment is a court order that allows a creditor to seize a debtor's property before a final judgment is entered. It is a legal remedy used to secure the creditor's claim and prevent the debtor from disposing of their assets to avoid payment.
If you own a house with your same-sex roommate if a creditor wins a judgment can they put a lien on the house if you owe a lot in mortgage and have very little equity?
Sure, if a creditor wins a judgment they can attach any of your physical assets whether it's real property or personal.
Can residential property be levied to pay a debt?
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.
What is a judicial sale of your assets?
It is the sale of goods and/or property owned by the judgment debtor. The sale is conducted by an officer of the court (usually a sheriff) to satisfy a creditor judgment or in conjunction with some other type of court order.
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 legal action can be taken in the state of Texas for charge off debt?
The creditor/lender can file a lawsuit in the appropriate court of the debtor's state. If the creditor wins the suit a judgment will be entered against the debtor. A judgment can be executed against the debtor's nonexempt property/assets including jointly owned marital property and assets, as Texas is a CP state. The state does not allow wage garnishment for creditor judgments but it does allow bank levy, seizure and liquidation of nonexempt property and liens against real property (a forced sale of a primary residence is not allowed). The exemptions that are allowed in bankruptcy are the same ones available to the debtor when defending property against a judgment creditor. In addition, the debtor may be able to use federal non-bankruptcy exemptions to further protect personal and real property from creditor attachment.
Can a creditor recover any deficit that results from the voluntary repossession of a vehicle if the borrower has no assets or property?
Yes. If the borrower is employed the lender can file a lawsuit and be awarded a judgment which can be executed as a wage garnishment. Even if the borrower does not have seizable income, assets or property at the time the judgment is awarded the lender can hold the judgment. Judgments can be from 5-20 years duration and most are renewable. That means it is highly likely that at some future time the debtor will be employed or have assets or property that can be attached.
What is abstract of judgment?
An abstract of a judgment would be a brief statement summarizing the important points of the judgment.
