0
The legal term is "execution proof" In essence it means the debtor has no property that is considered nonexempt under state laws. Each state has a proscribed set of exemptions that can be used whenever a person is sued or files bankruptcy. For the average consumer this usually renders them "judgment proof" meaning the debt even though a writ of judgment is granted cannot be collected. "Macky"
Add your answer:
Earn +20 pts
What does DC mean in coin rating?
DC stands for Deep Cameo, which is a term to describe the quality of proof coins.
Which term best describes a proof in which you assume the the opposite of what you want to prove?
The term that best describes a proof in which you assume the opposite of what you want to prove is 'indirect proof'.
Why is the term proof not a grade for coins?
The term "proof" has to do with how the coin was produced in the first place, rather than the condition of the coin.
Which term best describes a proof in which you assume the opposite of what you want to prove.?
proof by contradiction
What is the mathamatical term for mean?
The mathematical term for "mean" is "mean".The popular, or colloquial term for "mean" is "average".
Would a person who has no assets and whose only income is from Social Security Disability be considered judgment proof?
It is very likely given the circumstances that the person would be "judgment proof". The legal term is actual execution proof, meaning that a creditor could sue and be awarded a judgment, but the judgment could not be enforced. The vast majority of person's who are sued are execution proof. However this does not stop creditors from filing a lawsuit in the expectation that the debtor will eventually have property that is not exempt and therefore can be attached.
Is a low income family judgment proof that receives food stamps and medical assistance for their three children?
First of all, I should make one thing clear: being "judgment-proof" is not a legal defense to liability.You can't go into court and say "I'm judgment-proof, therefore the lawsuit should be dismissed." Whether or not you can actually satisfy a judgment has no bearing on your liability, and the court's ability to impose the judgment. And if you are found liable, that judgment can follow you around for the rest of your life, or until you pay it, creating problems at every turn.The term "judgment-proof" simply refers to a practical consideration faced by all plaintiffs: given the financial situation of the defendant, how easy or difficult will it be to actually collect the judgment? A plaintiff might decide that, even if they win, the defendant has so few assets that collecting the judgment could take more time or effort than it's worth.If you're employed, and lose this lawsuit, the plaintiff may be able to garnish a percentage of your wages until the judgment is satisfied. There are many other procedures through which a judgment can be enforced, as well.
If you are considered judgment proof will a judgment still stay on your credit report for 7 years and if the 7 years is up can they still collect?
Some judgments/liens are renewable quite literally forever. Being judgment proof does not mean you are relieved of the debt. It is a term used to designate the debtor has no assets at the time of the judgment which could be seized. If sometime later the debtor becomes employed, receives an inheritance, etc. the creditor can enforce the collection of the judgment. How long it stays on the CR will depend on what type of judgment.
Is it legal for a collection agency to use the term 'judgment' on your credit report without a court order or hearing?
No. Judgments can only be granted by the court, after a lawsuit has been filed and won.
What does it mean to commence a lawsuit?
To commence a lawsuit means to start a given legal proceeding. A lawsuit refers to a very detailed term for a given court proceeding whereby a given individual seeks a legal remedy.
What does the term renewable mean?
It means the term policy can be renewed without having to provide proof of insurability.
What does the term McCarthyism mean apex?
Accusing people of disloyalty without proof
What does the term assess mean?
Assess: make a judgment of value, quality, outcomes, results or size
What does the directive term 'assess' mean?
Assess: make a judgment of value, quality, outcomes, results or size
What term describes any kind of money a creditor must accept by law for payment of a monetary debt?
A judgment is a court order issued by the court stating that the creditor has won the lawsuit and is entitled to a certain amount of money.
What is the french term for identification?
It is the same word. If you mean 'proof of identity' it is 'une piece d'identite'.
What is a judgment of default?
The term describes the action taken by the court when the named defendant fails to respond to the lawsuit summons in writing and/or appearance upon the court date. A defendant is not required to make an appearance in court in a creditor suit, but failure to do so means the plaintiff will be automatically be awarded a writ of judgment. Such a judgment can then be executed against the defendant's real and personal property in accordance with the laws of the defendant's state.
