Form Loan Document For Family Member
Description
How to fill out Personal Loan Agreement Document Package?
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FAQ
How long does the judgment creditor have to collect a Nevada judgment? In Nevada, a judgment will expire within six years from the date it is entered.
The renewal of judgment allows the creditor to take legal action to collect the debt, including wage garnishment, bank levy, and even property foreclosure. This can be done by enforcing the judgment through court orders such as garnishment, levying on bank accounts, and foreclosing on property.
You will need to attach an exemplified copy of the Judgment to the application. You can get an exemplified copy of the Judgment from the court that issued the Judgment. Keep in mind that an exemplified copy is different from a certified copy and may take longer to receive from the issuing court.
Under Nevada Revised Statute (NRS), a judgment creditor can seize goods, chattels, money, and other personal and real property. This means that a judgment may allow a creditor to garnish personal property, levy bank accounts, put liens on real property, and even initiate wage garnishment.
A judgment remains in effect in Nevada for six years, and can be renewed forever. Executing a judgment allows a creditor to garnish your wages or attach your bank account or other property.
NRS 17.214 provides the process to renew a judgment. To renew a judgment the judgment creditor must file a Declaration for Renewal of Judgment with the Clerk of the Court where the judgment was entered. This must be done at least ninety days before the judgment is set to expire.
NRS § 11.190(1)(a). This means that if the judgment is not collected within that six-year period, the ability to collect the judgment expires. However, Nevada allows for judgments to be renewed, which if done correctly will continue the judgment for another six years from the date of renewal.