Wills, Trusts & Estates Articles by Eric B. Levine

By: Eric Levine

In this turbulent economy, many people are finding it difficult to make ends meet. With income being stretched to the limit, some people are sometimes unable to pay bills on time or in full. When this happens, creditors are frequently pursuing payment by hiring debt collectors to recover the money that is owed them.  In some cases, creditors will go so far as to obtain legal judgments against the non-paying individuals. Afterwards, they try to recover the amount recognized in the judgment by attempting to acquire the personal assets of the persons against whom the judgment was entered. 

As creditors try to acquire a person’s assets, they can take steps leading to the freezing of bank accounts and turnover of funds in those accounts. They may place liens on both personal and real property that can result in judicial sales of such property. They may even garnish wages, which is the deduction of money directly from one’s salary.  If done correctly, a judgment by a creditor can place a stranglehold on someone’s assets until payment in full is made.