How do I protect my primary residence?
How do I protect my primary residence?
6 Ways to Protect Your Home in a Lawsuit
- Maximize the Homestead Exemption.
- Protect the Home with Tenancy by the Entirety.
- Implement an Equity Stripping Plan.
- Create a Domestic Asset Protection Trust (DAPT)
- Put the Home Title in the Low-Risk Spouse’s Name.
- Purchase Umbrella Insurance.
Can a judgment lien be placed on a primary home?
You face another potential limitation if you attach a real estate lien to the debtor’s primary home. In most states, when a sale of property is forced to pay off foreclosed mortgages or judgment liens, the law provides homeowners with the right to protect from collection a portion of the equity in their residence.
Can a judgment be placed on Your House?
After the court awards the creditor a judgment for your debt, the creditor can ask for permission to file a lien on your home. Armed with an Abstract of Judgment from the court – a document that awards the right to attach a lien – the creditor will visit the county recorder’s office in your county and file the lien.
How does a judgment work in a civil case?
In a civil court case, after a judge or jury hands down a verdict — or after a court-approved settlement — a judgment is entered by the court. As part of a typical judgment, the court orders the payment of money from one person to another. But the person who owes the money (the debtor) doesn’t always pay up.
Can a judgment lien be attached to property in Pennsylvania?
And some states also allow judgment liens on the debtor’s personal property — things like jewelry, art, antiques, and other valuables. In Pennsylvania, a judgment lien can be attached to real estate only (i.e., a house, land, or condo). How does a creditor go about getting a judgment lien in Pennsylvania?
You face another potential limitation if you attach a real estate lien to the debtor’s primary home. In most states, when a sale of property is forced to pay off foreclosed mortgages or judgment liens, the law provides homeowners with the right to protect from collection a portion of the equity in their residence.
What kind of property can a judgment debtor not take?
There are certain types of property that a judgment creditor cannot take from a judgment debtor, even to pay a civil judgment. This property is called “exempt” property because it is excluded from the execution process.
In a civil court case, after a judge or jury hands down a verdict — or after a court-approved settlement — a judgment is entered by the court. As part of a typical judgment, the court orders the payment of money from one person to another. But the person who owes the money (the debtor) doesn’t always pay up.
Where can I find a judgment on my property?
At the very least, the judgment appears in your county’s property records, so when you sell or refinance your property, the title insurer will require that the judgment be paid in full from the proceeds. 12 How Can You Avoid a Judgment?