Hey,
A judgement debtor can be anyone of us who, at a point of time, became too blinded by the riches of a material thing and took up a loan which they could not repay and thus ended up with a lawsuit and lien. I have had a very old friend who was a victim of judgement lien for the mistakes he made as a rash youngster. So, I can tell you judgement debtor meaning both in theoretical as well as practical terms.
Facing legal issues like a probable lien? Get in touch with the legal advisors of NoBroker and get verified solutions.Judgment debtor meaning
A person who is required to fulfil a court order; a party against whom an unfulfilled court order is awarded. A person who has received a financial award from a court is known as a judgement debtor. The losing party is required to pay the award's sum, known as the judgement debt, if the court issues a judgement calling for monetary damages. In such a case, the victor of the litigation, or Judgement Creditor, has the power to pursue extreme measures to recoup the debt or award, and the court may assist the creditor in doing so. How the obligation may be repaid is governed by state legislation. The law gives the debtor certain rights and protections despite the fact that the recovery procedure might be harsh.
Who is a judgement debtor?
Other legal actions are typically conducted against the judgement debtor after the decision. The debtor may be required to appear in court for an auditory hearing to determine the debtor's assets. The court may issue the debtor to turn over particular property to it if it is found that the borrower has assets adequate to pay off the judgement obligation. Usually, the judgement creditor needs to file new paperwork. This entails asking the court for help in confiscating the debtor's assets through the procedure known as attachment or a portion of their income through the procedure known as garnishment.
Beyond the statutory safeguards for judgement debtors, courts may decide to act in their discretion. They have the authority to exclude from attachment additional assets than those listed in a statute. They may also completely reject the attachment or garnishment in some circumstances. This can happen if the creditor requests more property than the judgement debt is worth or if the property is an active business that an attachment would destroy.
I hope I was able to help you with judgement debtor meaning.
Read More: What is Lien in Real Estate? What is the Ideal Debt to Income Ratio for Home Loan?
Who is a Judgement Debtor?
Hansika
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2022-06-27T10:55:29+00:00 2022-06-27T10:55:30+00:00Comment
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