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In English and American law, a judgment debtor is a person against whom a judgment ordering him to pay a sum of money has been obtained and remains unsatisfied.
A judgment debt is a monetary obligation that a person owes after losing a lawsuit. A judgment creditor can enforce the judgment debt by contacting the debtor or an enforcement officer of the court.
Judgment debts shall carry simple interest from date of judgment until satisfaction : 1) at such rate as the Court may order; or 2) in the absence of such order, at such rate as may be determined from time to time by the Chief Justice by order.
It examines the detailed rules on the recoverability of interest on the judgment debt and on the order for costs, including the rate of interest and the period for which interest is recoverable. Get full access to this document with a free trial
- Voluntary Repayment
- Wage Garnishment
- Bank Levies
- Seizures of Real Or Personal Property
- Liens
You may be wondering how to take care of the judgment without having your wages or bank account garnished. You have a few options. You can try to set up a voluntary repayment plan with a judgment creditor. Installment agreements, debt management plans, and debt settlementare all considered voluntary repayment options.
Wage garnishmenthappens after a judgment is entered and the court orders your employer to withhold a portion of your paycheck and send it directly to the judgment creditor until the debt is repaid. Judgment creditors favor garnishments because it allows them to take cash directly from your paycheck before it gets into your hands. If you’re notified...
Another powerful and favored collection tool judgment creditors use is a bank levy. Like wage garnishment, bank levies give creditors quick access to your money. If a judgment creditor gets a judgment against you, they can give proof of it to your bank and start garnishing your bank account. Your bank then freezes the money in your account. This is...
If you owe a judgment, a creditor can get court permission (usually through a writ of execution) to seize your home, real estate, land, or personal property. With permission, they can get a sheriff or similar law enforcement officer to sell your property and use the proceeds from any sale to pay off your debt. Any creditor with a lien on any real p...
A lienis a legal right that a creditor has against property used as collateral to back up a debt. Some liens are created through a sale agreement like a car loan and others are created with a legal judgment through the court. To guarantee repayment of a loan or judgment, the creditor uses the lien to seize assets it has a lien on. The judgment cred...
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29. Sept. 2023 · Keep reading to learn about the nuts and bolts of judgments, where they come from, what happens when a creditor gets a judgment against you, and what you can do to minimize the consequences associated with debt-related judgments.
11. Apr. 2024 · A judgment lien is a court ruling that gives a creditor the right to take possession of a debtor's property if the debtor fails to fulfill their contractual obligations. Judgment liens are...
