Legal Question in Credit and Debt Law in New Jersey
Levy on my real estate
''Your asset, real estate, in the amount of $ at *my home address*, has been levied upon at instruction of: Pressler Esqs. to satisfy the judgment against you. Some property may be exempt from execution, including but not limited to: clothing and a total of $1,000 of cash and personal property.''
Could someone please explain EXACTLY what this means? What are my rights, and how valuable does something have to be for them to actually take my family's possessions?
What would you suggest I do? I'm full of nerves, and grateful for any advice someone may have!
2 Answers from Attorneys
Re: Levy on my real estate
When a creditor obtains a judgment against you, it then gives them certain rights to collect. Some of these rights are: bank levy, wage execution, levy on personal property, levy on real estate. It is unclear from your submission if this was a levy on real estate or a levy on personal property. Generally, a creditor must exhaust efforts to levy on personal property before they may levy on real estate. In addition, if you received this notice due to a levy on personal property, the court officer would have made an inventory of the property which was observed. Did you let the officer in the house, or did you refuse entry? You are entitled to "shield" all clothing and certain other items. You are also allowed to "shield" up to $1,000 in personal property, but you need to assert the exemption properly and evidently you have not done so yet. I suggest that you contact an attorney immediately. Feel free to call me if you would like.
Re: Levy on my real estate
Sounds like you should have gone to an attorney a long time ago. Thus, I suggest you go to one ASAP.
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