Michigan Execution Against Property is a legal remedy that allows creditors to collect on a debt. It is a type of writ of execution that allows a creditor to seize a debtor's property to satisfy the debt. Michigan Execution Against Property is used when a court judgment has been granted and the debtor has failed to make a payment. The writ is served to the debtor and the sheriff or other authorized officer will seize the debtor's property as payment toward the debt. There are two types of Michigan Execution Against Property: personal property and real property. Personal property is tangible property such as vehicles, jewelry, furniture, electronics and other items of value. Real property is any land and/or buildings owned by the debtor. Both types of property can be seized and sold by the sheriff or other authorized officer to satisfy the court judgment.
Michigan Execution Against Property
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FAQ
A judgment from a Small Claims case expires six years after it is issued. Most other judgments in Michigan expire 10 years after they are issued. You can renew a judgment before it expires by filing a motion to renew a judgment.
The lien is effective for five years (subject to the life of the judgment), may be renewed, and must be paid by the judgment debtor upon conveyance, sale or refinance of the property.
It is also known as a writ of execution and is authorized pursuant to MCL 600.6004. This statute provides for execution and levy upon the debtor's property to enforce judgments, however it requires that the officer first seize and sell personal property.
Though the lien operates much like a mortgage on real estate owned by the debtor, a judgment creditor cannot foreclose on this lien and sell the property to satisfy the judgment.
The spouses each have a survivorship right, and each is presumed to own the entire property. Neither can sell or transfer their interest in the property without the other's consent. Creditors of one spouse cannot put a lien on the property.
A creditor must take personal property to pay your debt first. If the money from your personal property does not cover your debt, the creditor can then seize and sell real property you own. Proceeds from the sale are used to pay taxes and mortgages first.
Exemptions in Michigan Under the exemption law, you can exempt up to $35,300 worth of equity in your residence from the bankruptcy estate. If you file for Chapter 7 and have more equity than is covered by the exemption, your house may be sold to pay your creditors the amount that exceeds the exemption.