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"I was recently sued and the other party obtained a judgment against me for $10,000. I am not working and I have no means to pay the judgment. I do not want to appeal the decision or go bankrupt."
Once the judgment has been signed, the creditor can have it filed with the Sheriff by applying for a Writ of Seizure and Sale. The effect of this Writ is to notionally "bind" the land and property of the debtor. He may then instruct the Sheriff to take certain steps to enforce the judgment, such as the garnishment of wages, the seizure of a motor vehicle or a Sheriff's sale of a house. The Writ must be renewed every six years in order for the judgment to be capable of enforcement.
In your case, it would be wise to consider proposing a monthly payment plan to the judgment creditor even if it is minimal. You may however be asked to undergo an out-of-court examination as to the means which you have to satisfy the judgment. Sometimes a creditor will accept a lump sum amount which is lower than the original amount claimed if it is apparent that you have no assets.
If you do nothing, the judgment will ultimately resurface to haunt to, typically when you come to buy or sell a house. By then, you are looking at paying not only the interest which has accrued, but any costs of enforcing the judgment.
You should consult with a lawyer or a Trustee in Bankruptcy to review these and other options before making any decision.
The foregoing offers legal information of general concern and is not intended to provide legal opinions. Readers should seek professional legal advice on the particular issues which concern them. We would be pleased to elaborate on any information contained above and how it may apply to your specific circumstances.
| Segal - Talarico - Habib - Molot: Barristers Solicitors 2650 Queensview Drive, Suite 200, Ottawa, ON, K2B 8H6 Tel: (613) 820-8888 Fax: (613) 820-8818 http://www.legal-team.com/ |
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