On Judgment Personal Property, Goods, Chattels, also known as OPP, is a legal term used to refer to all forms of tangible personal property that is subject to a court order or judgment. OPP includes any type of personal property, such as money, goods, chattels, documents, instruments, and other items of value. These items may be seized by a court or creditor in order to satisfy a debt. OPP can also include intangible assets such as trade secrets, copyrights, patents, trademarks, and other intellectual property. The two main types of OPP are voluntary and involuntary. Voluntary OPP is when the owner of the property voluntarily agrees to transfer the property to a court or creditor in order to satisfy a debt. Involuntary OPP is when the court or creditor takes possession of the property without the owner's consent or knowledge. In order to protect the owner's rights, the court or creditor must provide notice to the owner of the OPP and allow the owner an opportunity to challenge the seizure. If the owner is successful in challenging the seizure, the court or creditor must return the property to the owner. If the owner is unsuccessful in challenging the seizure, the court or creditor may sell the property to satisfy the debt.
On Judgment Personal Property, Goods, Chattels)
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Under New Jersey law, each debtor is entitled to an exemption protecting $1,000 of personal property from collection to satisfy a judgment. In addition, welfare, social security and unemployment benefits are protected from judgment levy.
Key assets that are protected from creditors in Florida include: A homestead property, with some acreage limitations. The wages of someone who qualifies as head of household. Annuities. Life insurance cash value. Retirement Accounts.Tenants by entireties property when the judgment is against one spouse in a marriage.
Once the court enters a judgment against you, that judgment attaches to all your tangible personal property such as your household furniture, hobby equipment, collectibles, vehicles, etc. A creditor can't just show up to your house and start taking your stuff.
Debt collectors can only take money from your paycheck, bank account, or benefits?which is called garnishment?if they have already sued you and a court entered a judgment against you for the amount of money you owe.
The sheriff's department can seize: Personal property: movable things (e.g., cars, horses, boats, furniture, jewelry) owned by the debtor. Real property: land and buildings owned by the debtor.
To be clear, in Florida, your vehicle may be taken by creditors to pay certain delinquent debts even though you have no car payment and own title to the vehicle free and clear. This process is referred to as levy in aid of execution and is carried out by the Sheriff's Office at the request of a judgment creditor.
All states have designated certain property types as "exempt," or free from seizure, by judgment creditors. For example, clothing, basic household furnishings, your house, and your car are commonly exempt if they're not worth too much.
In Florida, a judgment lien can be attached to the debtor's real estate -- meaning a house, condo, land, or similar kind of property interest. Florida also allows judgment liens to be attached to the debtor's personal property -- things like jewelry, art, antiques, and other valuables.