November 30, 2012

What is a civil judgment and what does it do?

a "judgment" is usually for money damages or for money owed. Its an official finding and order of a court that "Y" owes "X" so much money and orders "Y" to pay.If the defendant refused the court's order to payk the plaintiff (the one who sued) can enforce the order(the judgment) in various ways. For example, he or she can put a lien on property, garnish wages(illegal some states), etc. Once a lien is placed on property, the plaintiff can often force a sale and get his money from the proceeds. The judgment always shows up on credit reports and is definitely a factor when you apply for credit.

What is a civil judgment?

The judgment is just the final rendering of the judge or jury's decision in a civil case. It might include a finding that one party owes money to the other. It might include a declaration of rights and responsibilties. It could be many things depending on the facts and circumstances of the case.

What is a civil judgment release?

A civil judgment release is an acknowledgment by the holder of the judgment that it has been paid in full and may now be removed from the public records as a lien. In New Jersey, when a judgment debtor pays the money owed to the judgment creditor, the judgment is said to be satisfied. The creditor is obligated to give the debtor a document called a Warrant of Satisfaction, which is the same as a release of the judgment. The debtor then files that Warrant with the office where the judgment was recorded as a lien. That office marks the judgment satisfied so that it no longer is a lien.

What is release of judgment?

A release of judgment is like a pardon. It means that the court's decision has been discarded or removed.

How does a lien on bank account work?

Once a valid lien is placed on a bank account, it is frozen. The bank is not allowed to let any money out of that account. This means that any checks written on the account that are still outstanding are going to bounce. In most states, the lien is just the first step of the process. The bank probably has to hold the money there for some period of time without giving any to the owner or to the lienholder. This period of time is given to allow the owner to go to court to explain why the money should not be turned over to the lienholder. If the owner goes to court and the court does not agree with those reasons, the bank will be authorized to give the lienholder the money. Also, if you ignore this time period, then the bank wwill turn the money over to the lienholder when the time period expires. You should also be aware that in most states, a lien will put a hold only on the money that is in the account at the time the lien is given to the bank. This means that deposits made after the lien has been filed (such as direct deposits or deposits made without knowing about the lien) may be given to the owner. They are not subject to the lien. And don't let banks tell you any different. You would be shocked at how stupid some banks are about this. Check your state's laws to be sure yours is like this.