After a creditor , or its financial obligation collector, gets a judgment against you for unpaid debts, they have been then known as the вЂњjudgment creditors.вЂќ There are lots of methods the judgment creditor can make an effort to collect on that financial obligation. Two common means are by filing in the land documents, a written document called a lien or by attaching your wages having a вЂњgarnishment.вЂќ A lien is really a protection interest fond of the judgment creditor over your home, such as for example home or a vehicle. A garnishment permits the creditor to gather in the judgment financial obligation directly from your own wages or any other settlement. There was a way that is third judgment creditor may come once you in an attempt to gather your alleged financial obligation. A levy is just a taking of cash by appropriate procedure through sale and seizure of home.
Your creditor, or its financial obligation collector, can put a lien in your property the moment it becomes the judgment creditor (as explained above) so that you can secure payment of the debt. Continue Reading →