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What does a judgment mean on an unsecured credit card? |
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It means the creditor has won a lawsuit, been awarded a writ of judgment and can execute the judgment against non-exempt assets and property as defined by state law that belongs to the judgment debtor. The preferred method of executing a judgment is by wage garnishment, followed by bank account levy, the seizure and liquidation of non-exempt property and liens against real property.
The state exemptions allowed for personal and real property when properly used can give the defendant/debtor considerable protection against the enforcement of a creditor judgment.
First answer by Macky. Last edit by Macky. Contributor trust: 3452 [recommend contributor]. Question popularity: 30 [recommend question]
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