You have recently been involved in a civil court case, and your creditors have obtained a judgment lien against you. Since you are new to this, you do not understand what this means and what you could lose. When creditors come after you, they always come for the thing closest to you, and the majority of the time, it is your house that they are after.
So, how do judgment liens work in Kentucky, and what’s next for you? What will the ramifications be for you and your family?
What Is A Judgment Lien?
It is a court ruling that permits your creditor to come after your home, real estate, and personal property, such as furniture and vehicles, when you have not paid your debt. They are paid what they are owed through the sale of the property.
How Does A Judgment Lien Work In Kentucky?
When you owe a creditor money and have not remained in compliance with paying it back, they can sue you. If the court does not rule in your favor or you do not respond to the lawsuit, an official judgment will be made. In this judgment, the court will decide that the creditor is owed the original sum plus accrued interest that you will have to pay.
Once they get the judgment, the creditor has an option to file a judgment lien or not. If they decide to do so, they have the permission to put a lien on any property you have and sell it to pay back the money owed. To attach a lien, the creditor will need to record the judgment with the county clerk for the Kentucky county where the debtor has property.
What Type Of Property Is A Judgment Lien Allowed Under Kentucky Law?
In some states, judgment liens can be allowed on the debtor’s real estate property and personal property, such as antiques, jewelry, and art. However, in Kentucky, the judgment lien is usually attached to only real estate property. This usually is land, a house, or a condo that the debtor owns.
What Do You Do If A Creditor Has A Judgment Liens Against You?
The aspect of having your real estate property taken from you can be scary and quite overwhelming. If a creditor has filed a judgment lien against you, the only solution is to file for bankruptcy. This is the only thing that can stop this process and help you get back on your feet.
Contact Us
Filing for bankruptcy is no mean feat, and you will need help. Here is where W. Ron Adams law firm comes in. We are located in Erlanger, Kentucky, and will help you with your judgment liens and bankruptcy filing process. We understand that a lien can weigh you down, and we will help you pick up the pieces and start your new life. Our bankruptcy lawyers have years of experience and will work tirelessly to ensure that they get you out of this financial nightmare.
If you are in this situation, do not hesitate to contact us and schedule a free consultation.