Hey there,
My father once told me that his uncle once had to file a lawsuit against a debtor who took some personal loans from him in the form of huge sums. The person who took loans was a good friend of my father’s uncle so he gave the loans in the blink of an eye but realised after a few years that all his money was never coming back since the man who took the loan had become bankrupt due to his drinking habits and wasn’t repaying his loan EMI to my father’s uncle. Although the process of filing a lawsuit and registering a lien back then was not easy, my father’s uncle never backed down and with the help of a court ruling, he was able to confiscate the debtor’s assets. So, here, my father’s uncle is the judgement creditor.
Do you need help in filing a lawsuit or a lien against your debtor? Get in touch with the legal advisors of NoBroker and get quick solutions.What is a judgement creditor definition?
The owner of an unfulfilled court judgement; the party to whom a debt is owed who has established the debt in a legal case and who is authorised to employ the court system to collect the debt. When a party wins a monetary judgement in court, that party is referred to as a judgement creditor until the judgement is paid, or fulfilled. A JUDGEMENT DEBTOR is the loser who is responsible for paying the judgement. A judgement creditor has the right to use the court's help to collect the debt.
What are the remedies to a judgement creditor?
State statutes give judgement creditors options for recovering the judgement's full amount. These actions entail the confiscation of property and money to transfer the debtor's assets into the court's custody in order to fulfil the debtor's obligation. Execution is the action of carrying out the judgement debt in this manner. A hearing known as a supplementary proceeding serves as the formal start to the procedure. A hearing to ascertain the type and worth of the judgement debtor's property is summoned for the judgement debtor to testify before the court. The court directs the debtor to give up any property that is up for execution.
GARNISHMENT, which focuses on the judgement debtor's pay or income, is an additional method of recovery. A percentage of the judgement debtor's income is routinely withheld and paid to the judgement creditor through garnishment. The debtor is referred to as the garnishee and the creditor as the garnishor.
This is all I my father told me about judgement creditor.
Read More: What is Lien in Real Estate? Who is a Financial Creditor under IBC?
What is a Judgement Creditor?
Amir Sheikh
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2022-06-27T10:56:09+00:00 2022-06-27T10:56:10+00:00Comment
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