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A judgment creditor is a party to which a debt is owed that has proved the debt in a legal proceeding and that is entitled to use judicial process to collect the debt. [1] A creditor becomes a "judgment creditor" when a judgment is rendered stating that they are entitled to recover a particular debt from a judgment debtor. Following a judgment ...
To obtain a lien on real property in the state of Virginia, the judgment creditor must "docket" the lien in the public records office of the city or county where that property is physically located. Once the lien is docketed, the creditor files a "creditor's bill in equity" in that jurisdiction, which will require the chancellor to appoint a ...
A lien is a claim that allows a creditor to seize and sell collateral (for example, your home) to pay off unsatisfied debt. In the case of a mortgage, the creditor is your lender. Mortgage lien types
judgment liens, imposed to secure payment of a judgment; and; maritime liens, imposed on ships by admiralty law. Liens are also "perfected" or "unperfected" (see Perfection (law)). Perfected liens are those for which a creditor has established a priority right in the encumbered property concerning third-party creditors.
In some states, such as Texas, an abstract of judgment is a specific type of document provided either by the court clerk or by an attorney which is used to prove that a judgment has been rendered. The abstract may then be filed in another jurisdiction, where it constitutes notice of a "judgment lien " on the debtor 's real property , thereby ...
For example, in California, a judgment creditor must file an "Acknowledgment of Satisfaction of Judgment" [42] where it has been paid in full by the judgment debtor within 15 days of the judgment debtor's request. [43] This document has the effect of formally closing the case [44] and terminating any ongoing garnishment arrangements or liens. [45]
A creditor may also be required to pay you punitive damages. The bottom line While bankruptcy’s automatic stay can provide some welcome protection against creditors, filing for bankruptcy should ...
The creditor has 30 days to investigate your claims and respond. Why this is important: Depending on who your creditor is, it may be faster to work directly with the creditor to get your old debt ...