How quickly can a creditor levy on my property?
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How quickly can a creditor levy on my property?
I owe 20K to someone on a promissory note. I know I have to pay, but I am in no position to do it right now (due to a long term unemployment). My creditor is not willing to wait any longer. My house is paid and 75K homestead exemption will not have any impact on it should it be sold at the execution sale. I want to know how long will it take creditor to actually collect on this? I obviously would put up the fight to buy me more time and possibly come up with needed funds. I am aware of the costs involved, but truly do not have this sum right now.
Asked on December 25, 2012 under Bankruptcy Law, California
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 11 years ago | Contributor
So long as there is no judgment against you then there will be at least a six (6) month period before there is any judgment entered against you. Assuming there is a judgment presently against you then the judgment creditor can immediately record an abstract of judgment on your property.
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