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Creditor Placed Homeowners Insurance Article
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Judgment Creditor
from:The terms "judgment creditor" refer to a party who has received a money judgment, entitled to enforcement of the court judgment through the debtor company's liens, execution and levy. A judgment creditor feels that winning a judgment is only half the battle, as the other half is attempting to collect it.
When a judgment creditor wins a case in a City Court, a Notice of Judgment is sent out by the court to both parties. The Debtor has 30 days to pay the judgment. If the Debtor does not, the winning judgment creditor should begin to make legal steps to execute the judgment for:
• Assets and personal property can be seized
• Real property can have a lien filed against it
• Wage garnishment or income execution filing
Two exceptions against this act is the judgment creditor , if a bankruptcy has been filed or if the debtor has filed an appeal, therefore staying the judgment.
Only personal property of the Debtor can be seized, with the Judgment Creditor required to identify the property to be seized. To acquire this information, an "Information Subpoena" from the City Court for a fee is requested, giving the Debtor's asset information legally to the Creditor before it can be seized. Recognized as a legal documentation, it directs the Debtor to answer specific questions about the existence and location of the Debtor's assets, employment or wages.
It can also be served on another person or corporation, in addition to the Judgment Debtor, who has knowledge about the Debtor's assets. When the Information Subpoena is filed with the fee, the Subpoena is given with two sets of questions and a cover letter. This must be filled out and returned to the individual or institution who is requesting the information. If the information is not received by the Judgment Creditor, a contempt proceeding is filed against the Debtor, who in turn may file a proof of service that they did mail it back.
The most common form of enforcing a money judgment by the judgment creditor is through the use of a property execution. The Creditor is required to file a "Transcript of Judgment" with the County Clerk to commence this, while providing the Sheriff with instructions on how to identify the property and its location, names and addresses of people involved, and identification of the assets.
Following the seizure, the sheriff can sell all the seized items at an execution sale, exempt from seizure in some states, with application of the funds to the Judgment after it is over. In some states, not all property can be seized but certain property many be exempt under the state laws of each state.
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