Legal Question in Credit and Debt Law in New York

Re: Judgements

Question 1: How can they collect.

Answer 1: To briefly answer this question, there are four (4) ways a Judgment Creditor can collect against a Judgment Debtor. They are as follows:

1. Restraining Notices. A creditor can restrain a bank account or any other asset (bonds, stocks, payment from a will) that you may have.

2. Subpoenas. A creditor can serve a subpoena to require attendance for taking a deposition from you to locate assets or to require your production of books and records, or to require the answers to written questions as to your assets.

3. Executions. A creditor can take from you personal property (with some exceptions), your income (10% with some exceptions) and real property (Real Estate with some exceptions).

4. A credor may start a "Special Proceeding" in court to force your compliance.

Question 2. Bankruptcy.

Answer 2. Presently, bankruptcy eliminates the debt.

Mike.