What assets can a creditor seize to satisfy a judgement?
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What assets can a creditor seize to satisfy a judgement?
Can they force you to sell your home? Registered vehicles?
Asked on October 26, 2011 under Bankruptcy Law, Montana
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
In most states in this country, there are statutes known as "exemption statutes" stating what assets of a judgment debtor are exempt from levy by the judgment creditor. It is upon the judgment debtor to file a timely claim of exemption of an asset that is levied upon and if not the asset will be taken by the judgment creditor as part of the process.
Historically, autos up a a certain value used for home purposes are exempt, wage garnishments are limited to 25 % of an employee's net pay check per pay period and retirement pensions and IRAs are exempt. Homes where there is equity up to a certain amount are exempt under the Homestead Act if the home is one's primary residence.
You may want to go online and do a search as to what assets are exempt from levy in your state.
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