Lawsuit and Asset? - What assets can be taken in a lawsuit

  • 2 months   ago
damages
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The plaintiff can sue you for different reasons like for the compensation of money, to recover the damages, and to protect your property, etc. as we know that people can sue anybody for different reasons so what are the possibilities as a defendant you have to face and what assets can be taken in a lawsuit or what class action lawsuit settlement can be done?

If the plaintiff wins the case then the defendant has to pay the price.

If the defendant wins the price then the plaintiff cannot do anything.

Here are the possibilities that the defendant can face if he loses his case and learn what assets can be taken in a lawsuit?

Simply has to pay the price.

Execution

Supplemental process

Repayment plan

Bank levy

Simply Pay the Price

If you lose any debt lawsuit then you must know that judge has decided that you owe money to the plaintiff and you have to pay it. It is better to pay right away if you do not want the investigation to go any further. If you do not pay then the creditor can get post-judgment interest or they can also take steps like enforcing the judgment to collect the money from you. There are many different ways that the creditor can take money from you like through your property.

Execution

There might be a possibility that the creditor might ask for execution at the end of the case and the judge can approve it. This happens after the execution that it is legal to take your property. Any officer of the court like Sherriff can take your property to compensate for the debt. It allows the Sherriff to sell the property to make the funds so that he can give it to the plaintiff. You can prevent all this by paying the money before the selling of the property. Here are things you might lose if the creditor gets a writ of execution:

Your real property like land

They can also execute your vehicles like the car.

You might also lose your jewelry.

You can also lose your stocks if you get a writ of execution.

This only happens when you do not have any money to pay or if the debtor does not pay intentionally.

Supplemental Process

After going through the case and the plaintiff after winning the case will go for the second court case and the court will ask you if you can pay the debts through your pay. Then there come the following two possibilities if you don’t know what assets can be taken in a lawsuit?

If you can afford then they will take from your wages. In this plan, they will take the money from your paycheck even before you get paid.

The second possibility is that the court might ask that if you have any property or assets which have value that can be sold so that you can pay for the debt.

Still, after these possibilities, if the plaintiff notices that the defendant is not able to pay the debt then he can ask for rescheduling the hearing and the defendant will be summoned after 2 to 3 months so that he can pay his debts. This situation occurs when:

You only receive exempted pay.

Your whole property is exempted.

Repayment Plan

This option will occur if you tell the court and the plaintiff that you cannot pay the debts. The court then asked for a repayment plan and it is up to you that you choose it or not. There are two things that you should consider before choosing this plan:

That if you can pay from your paychecks. In simple words are you able to afford to pay without any problems?

When you agree to a repayment plan then you cannot go back. It means that after you agree it does not matter that your income is exempted or not then the court will make you pay from your paycheck. 

A repayment plan is an option where the defendant can pay the debt by paying a specific amount from his pay until all the debt is paid. For any reason, if you are unable to pay or you do not pay then keep in mind that it will be considered as a violation of the order of the court. So, make sure to pay it in any case.

Bank levy

It is up to the creditor that he can also go for the bank levy to make you pay the debt. In bank levy, your bank account and all the funds are seized which means you do not have access to your funds anymore. After that, the creditor asks the bank to withdraw the money without the defendant’s permission. You can avoid this bank levy by:

Simply paying your debts so that the creditor will not have any problem.

If you cannot afford to pay then you can ask for some extra time so that you can pay.


Source: Pixabay

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