Money Judgement

Money Judgement
Money Judgement
Quick Summary of Money Judgement

A money judgement is a court decision that mandates one person to pay a specific amount of money to another person. Unlike other judgements, a money judgement can be immediately enforced without any additional steps. It can be issued in various cases, such as when someone owes a debt or has caused financial harm to another individual. It is crucial to comply with a money judgement.

Full Definition Of Money Judgement

A money judgement is a legal decree that compels one party to pay a specified amount of money to another party. It is a conclusive ruling that resolves the financial responsibilities of the parties implicated in a lawsuit. For instance, if an individual files a lawsuit against another individual for violating a contract and emerges victorious, a money judgement will be issued.

Money Judgement FAQ'S

A money judgment is a court order that requires one party to pay a specific amount of money to another party as compensation for a debt or damages.

To obtain a money judgment, the party seeking payment must file a lawsuit against the debtor, present evidence of the debt or damages, and convince the court to rule in their favor.

Yes, a money judgment can be enforced through various methods such as wage garnishment, bank account levies, property liens, or seizure of assets.

The duration of a money judgment varies depending on the jurisdiction. In some cases, it may last for several years and can be renewed if necessary.

Yes, a party who disagrees with a money judgment can file an appeal within a specified time frame. The appeal process allows for a higher court to review the case and potentially overturn or modify the judgment.

If the debtor refuses to pay the money judgment voluntarily, the creditor can take legal action to enforce the judgment, as mentioned earlier. This may involve seizing the debtor’s assets or garnishing their wages.

In some cases, a money judgment can be discharged in bankruptcy, depending on the circumstances. However, certain types of debts, such as those resulting from fraud or intentional wrongdoing, may not be dischargeable.

Yes, parties involved in a money judgment can negotiate or settle the debt outside of court. This may involve agreeing on a reduced payment amount or establishing a payment plan.

Yes, a money judgment can negatively impact a person’s credit score. It may appear on their credit report, making it difficult to obtain credit or loans in the future.

In some cases, a money judgment can be collected from a deceased person’s estate if there are sufficient assets to satisfy the debt. However, the specific laws regarding this vary by jurisdiction.

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This site contains general legal information but does not constitute professional legal advice for your particular situation. Persuing this glossary does not create an attorney-client or legal adviser relationship. If you have specific questions, please consult a qualified attorney licensed in your jurisdiction.

This glossary post was last updated: 6th June 2024.

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