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New Jersey Report to Creditor by Collection Agency Regarding Judgment Against Debtor
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Under New Jersey law, each debtor is entitled to an exemption protecting $1,000 of personal property from collection to satisfy a judgment. In addition, welfare, social security and unemployment benefits are protected from judgment levy.
Upon request, debt collectors must send you a written ?validation notice? telling you how much money you owe within five days after they first contact you. This notice also must include the name of the original creditor to whom you owe the money, and how to proceed if you don't think you owe the money.
Debtors in New Jersey can protect certain personal property during Chapter 7 bankruptcy, such as clothing and some of their household goods and furnishings. There are state exemptions for certain disability benefits and miscellaneous exemptions that can protect assets like pensions, stocks, and life insurance proceeds.
Under New Jersey law, each debtor is entitled to an exemption protecting $1,000 of personal property from collection to satisfy a judgment. In addition, welfare, social security and unemployment benefits are protected from judgment levy.
The statute of limitations on a judgment is 20 years ? not six. Further, a creditor can renew the judgment. Also, he said, there is an exception to NJ Statute of Limitation law. ?The six-year statute of limitation does not apply to contracts between merchants or a sale of goods under NJ's Commercial Code.
If the money is not collected (liens) Request to have the judgment recorded as a lien against any real estate the debtor owns. Once the judgment is recorded in the Superior Court, the debtor cannot sell with clear title any real estate owned in New Jersey until the debt is paid.
And some states also allow judgment liens on the debtor's personal property -- things like jewelry, art, antiques, and other valuables. In New Jersey, a judgment lien can be attached to real estate only (not personal property).