Indiana Motion to Avoid Creditor's Lien

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US-03348BG
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Description

Judicial lien is a lien obtained by judgment, levy, sequestration or other legal or equitable process or proceeding. If a court finds that a debtor owes money to a creditor and the judgment remains unsatisfied, the creditor can ask the court to impose a lien on specific property owned and possessed by the debtor. After imposing the lien, the court issues a writ directing the local sheriff to seize the property, sell it and turn over the proceeds to the creditor.


Under Bankruptcy proceedings, a creditor can obtain a judicial lien by filing a final judgment issued against a debtor through a lawsuit filed in state court. A certified copy of a final judgment may be filed in the county in which the debtor owns real property. A bankruptcy debtor can file a motion to avoid Judicial Lien. A Motion to avoid Judicial Lien can be filed by a debtor in either a chapter 7 or chapter 13 bankruptcy proceeding. In a Chapter 7 proceeding, an Order Avoiding Judicial Lien will remove the debt totally.

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FAQ

A lien is a claim or legal right against assets that are typically used as collateral to satisfy a debt. A creditor or a legal judgment could establish a lien. A lien serves to guarantee an underlying obligation, such as the repayment of a loan.

What type of action might a creditor take to force the sale of attached property to collect a debt? Writ of execution. (A court order that enforces a judgment to obtain funds to satisfy judgment amount.)

The judgment lien definition is that if you owe a creditor money and don't pay, they can sue you for the balance. If the court rules in their favor, the creditor can file a judgment lien against you, which means that the court has permitted them to forcefully collect that debt from you.

The lien is the first step by the judgment creditor in a process that will culminate in a sale of the attached property, to satisfy the judgment debt. A judgment lien is any lien placed on the defendant's assets as a result of a court judgment.

A forced sale of property in order to satisfy a judgment for money or foreclosure of a mortgage is a(n): execution sale.

A lien refers to a legal claim against property that can be used as collateral to repay a debt. Depending on the type of debt owed, liens can be attached to real property, such as a home, or personal property, such as a car or furniture.

What Is a Motion to Avoid a Judicial Lien in Bankruptcy? A Motion to Avoid Judicial Lien is a motion your bankruptcy attorney can file in bankruptcy court to remove an involuntary judgment lien from your house or other property after you have completed bankruptcy.

If the lender won't get any money at a sale, your second mortgage is considered "wholly unsecured" and can be stripped through a Chapter 13 bankruptcy. Example. Say you own a house worth $300,000, and you have a $400,000 first mortgage. In this situation, you can strip any liens that are junior to your first mortgage.

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Indiana Motion to Avoid Creditor's Lien