Cana creditor lien my home and sell it to satisfy a judgment?

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Cana creditor lien my home and sell it to satisfy a judgment?

An attorney has a judgment against me for a credit card debt for about $4000. He is threatening to seize my home and sell it. His letter stated that he has a lien on my real property to the extent that it is non-exempt from execution and levy. And under certain circumstances, after execution and levy by the sheriff the property can be sold and the proceeds used to satisfy the judgement. FYI we run our business out of our home. Should I speak with a general practice attorney? In Montezuma, CO.

Asked on July 8, 2011 under Bankruptcy Law, Colorado

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 10 years ago | Contributor

A judgment creditor can record an abstract of judgment (lien) on a judgment creditor's home and initiate a proceeding to sell your home even over a $4,000. The threats by the attorney handling the debt to sell your home for a $4,000 debt seems extreme.

Have you considered a payment plan on a monthly basis to pay off the $4,000 debt? Most creditors are willing to have a monthly installment plan with a judgment debtor such as you if you cannot afford the whole amount to be paid off presently. You would need to show the judgment creditor you monthly income and monthly expenses.

You should consider meeting with an attorney who practices in debt collection to represent you concerning the $4,000 obligation.

 


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