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In English and American law, a judgment debtor is a person against whom a judgment ordering him to pay a sum of money has been obtained and remains unsatisfied. Such a person may be examined as to their assets, and if the judgment debt is of the necessary amount he may be made bankrupt if he fails to comply with a bankruptcy notice (in US law, an involuntary petition) served on him by the ...
Judgment summons, in English law, a summons issued under the Debtors' Act 1869 (32 & 33 Vict. c. 62) on the application of a creditor who has obtained a judgment for the payment of a sum of money by instalments or otherwise, where the order for payment has not been complied with.
Supplementary process is a method of debt collection where the debtor who has a court money judgement against him is brought into court, "requiring the judgment debtor to appear at a time and place named therein and submit to an examination relative to his or its property and ability to pay."
The creditor may grant you a partial or full pardon of the amount owed. There are several circumstances in which debt forgiveness can occur, such as government initiatives, financial hardship or ...
The Fair Debt Collection Practices Act (FDCPA), Pub. L. 95-109; 91 Stat. 874, codified as 15 U.S.C. § 1692 –1692p, approved on September 20, 1977 (and as subsequently amended), is a consumer protection amendment, establishing legal protection from abusive debt collection practices, to the Consumer Credit Protection Act, as Title VIII of that Act.
A debtor or debitor is a legal entity (legal person) that owes a debt to another entity. The entity may be an individual, a firm, a government, ...
Key takeaways. There are two common types of bankruptcy: Chapter 7 and Chapter 13. Filing for bankruptcy is a time-consuming process that can take years to stop affecting your finances.
If the debtor's income exceeds the median income, then the debtor must apply the means test. For debtors subject to the means test, the test is calculated as follows. The debtor's "current monthly income" is reduced by a set of allowed deductions specified by the IRS. These deductions are not necessarily the actual expenses the debtor incurs on ...