This form is a sample letter in Word format covering the subject matter of the title of the form.
Judgment Against Property For Debt In Michigan
Category:
State:
Multi-State
Control #:
US-0025LTR
Format:
Word;
Rich Text
Instant download
Description
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FAQ
Your credit card debt cannot force you to sell your house and you shouldn't volunteer to do it. Potentially you'd be wiping out most of the debt, keeping your house, messing up your credit for a few years (but who cares?
A creditor cannot take all of your property. Up to $1,000 worth of certain personal property may be exempt from seizure. Possible exempt property includes: Household goods.
Judgment liens may be filed with the court and recorded with the register of deeds by an attorney or the judgment creditor. An Order for Seizure of Property may be issued by the court clerk 21 days after entry of a judgment. It is also known as a writ of execution and is authorized pursuant to MCL 600.6004.
Exemptions in Michigan Up to $3,250 in equity for a single automobile. All clothing and family pictures. With few exceptions, all pension or retirement accounts. All health, life or casualty insurance proceeds. Up to $2,350 worth of tools, stock or materials that are necessary to carry on a trade, profession or business.
To establish a Construction Lien, a party must be one of the following: Contractor: one who provides an improvement pursuant to a direct contract with the owner or tenant of the land. Subcontractor: one who provides labor and material to either a contractor or subcontractor.
2809. (1) Unless subsection (2) or (3) applies, a judgment lien expires 5 years after the date it is recorded. (2) Unless subsection (3) applies, if a judgment lien is rerecorded under subsection (4), the judgment lien expires 5 years after the date it is rerecorded.
Record the Claim of Lien in the County Register of Deeds where the Owner's property is located, within 90 calendar days after last labor or material. Serve a copy of the recorded Claim of Lien on the Owner's Designee within 15 days from date of recording by certified mail or personal delivery.
A judgment creditor can file a lien with the court 22 days after the judgment is entered against the debtor, provided that the debtor has not appealed or moved to set the judgment aside. The lien is then sent to the register of deeds for recording in the county where the debtor lives.
