After a creditor , or its debt collector, gets a judgment against you for unpaid debts, they have been then described as the вЂњjudgment creditors.вЂќ There are lots of means the judgment creditor can make an effort to collect on that financial obligation. Two common methods are by filing regarding the land documents, a written document called a lien or by connecting your wages having a вЂњgarnishment.вЂќ A lien is really a safety interest provided to the judgment creditor over your premises, such as for instance household or a motor vehicle. The creditor is allowed by a garnishment to collect from the judgment financial obligation directly from your own wages or any other settlement. There was a way that is third judgment creditor will come once you in an attempt to gather your so-called financial obligation. A levy is really a taking of cash by appropriate procedure through seizure and sale of home.
Your creditor, or its financial obligation collector, can spot a lien on the home the moment it becomes the judgment creditor (as explained above) so that you can secure repayment of a debt. The lien is usually recorded by the judgment creditors’ in the land documents during the county office that is local. Liens could be imposed in many circumstances ( or perhaps the Department of State in some circumstances, for instance, when it comes to a cooperative apartment debt). Liens could be used to get re re payment on a money judgment for back taxes or even for lawyer’s costs.