A judgment lien is created when a court grants a creditor an interest in the debtor's property, based upon a court judgment. A plaintiff who obtains a monetary judgment is termed a "judgment creditor." The defendant becomes a "judgment debtor."
Judgment liens may be created through a wide variety of circumstances.
Pennsylvania Lien on Real Property Regarding Judgment in a Federal Court
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How to fill out Lien On Real Property Regarding Judgment In A Federal Court?
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Debt collectors can only take money from your paycheck, bank account, or benefits?which is called garnishment?if they have already sued you and a court entered a judgment against you for the amount of money you owe. The law sets certain limits on how much debt collectors can garnish your wages and bank accounts.
A plaintiff can seize tangible personal property which are items such as household furnishings, jewelry, and business and office equipment.
A judgment lien gives a creditor the right to be paid out of the proceeds from the sale of property.
Paying debts. If a creditor wins a lawsuit against you, the creditor can have the court, a sheriff, or a constable take your property and sell it to pay the debt. This is called a levy or an execution sale. This can only be done after the creditor wins a lawsuit against you.
Pennsylvania exempts from execution on judgment on a contract all wearing apparel of the debtor and his family, bibles and school books in use in the family, as well as $300 worth of any property owned or in pos- session of the debtor.
Pennsylvania judgments are valid for 5 years. Judgments can be revived every 5 years and should be revived if a creditor is attempting to actively collect on the debt. Judgments also act as a lien against real property for up to 20 years or longer if properly revived.
Pennsylvania exempts from execution on judgment on a contract all wearing apparel of the debtor and his family, bibles and school books in use in the family, as well as $300 worth of any property owned or in pos- session of the debtor.
If a creditor obtains a judgment against you, it can obtain a writ of execution to levy your bank account without prior notice to you. The bank account will be frozen, and you will have a period in which to respond.
