This is a model Judgment form, a Judgment Debtor^s Statement of Assets. The form must be completed to fit the facts and circumstances of whatever judgment the court has rendered. When signed by the Judge, the judgment becomes binding. USLF control number CA-SC-133
Title: Los Angeles California Judgment Debtor's Statement of Assets: A Comprehensive Overview Introduction: In Los Angeles, California, the Judgment Debtor's Statement of Assets is a crucial legal document used in the context of debt collection and enforcement proceedings. It requires individuals who owe a judgment debt to provide a comprehensive disclosure of their assets, income, and financial information. This article will delve into the intricacies of the Los Angeles California Judgment Debtor's Statement of Assets while covering different types of statements that exist. 1. The Purpose and Significance of the Judgment Debtor's Statement of Assets: The Judgment Debtor's Statement of Assets is a critical component of the debt collection process in Los Angeles, California. This document requires judgment debtors to provide an accurate and detailed account of their financial situation to the judgment creditor, court, or enforcement agency. It assists creditors in determining the availability and accessibility of assets for potential seizure to satisfy the judgment debt. 2. Contents and Required Information: The Los Angeles California Judgment Debtor's Statement of Assets typically requires comprehensive details about a judgment debtor's financial status, including: a. Personal Information: Full legal name, address, contact details, Social Security Number, and any aliases used. b. Income and Employment Details: Employment records, monthly income, sources of income, employer information, and details of any self-employment or business activities. c. Real Estate Assets: Complete details of properties owned, including addresses, property values, outstanding mortgages or liens, and any rental income generated. d. Personal Property and Assets: A thorough inventory of valuable personal belongings, such as automobiles, boats, jewelry, art, stocks, bonds, or other investments. This section requires specific information like make, model, year, estimated value, and any loans or liens against the properties. e. Bank Accounts and Financial Institutions: Details of all bank accounts, including checking, savings, money market, and any foreign accounts held. Disclosure of the financial institution names and account numbers must be provided. f. Debts, Loans, and Creditors: Comprehensive information regarding outstanding debts, loans, credit cards, mortgages, and any other financial obligations. g. Income and Tax Returns: Disclosure of the previous year's tax return and any supporting documentation illustrating the income earned. 3. Different Types of Los Angeles California Judgment Debtor's Statement of Assets: While the underlying purpose of the Los Angeles California Judgment Debtor's Statement of Assets remains consistent, it may vary slightly based on specific situations: a. Standard Statement of Assets: This is the most common type, applicable to individuals or businesses who owe a judgment debt. b. Modified Statement of Assets: Sometimes, the court may grant modifications to the standard statement to accommodate unique situations, such as disability, bankruptcy, or multiple debt obligations. c. Shortened Statement of Assets: In certain circumstances, the court may allow a simplified version of the statement, reducing the number of details required. Conclusion: The Los Angeles California Judgment Debtor's Statement of Assets is a pivotal legal document used to assess a judgment debtor's financial ability to satisfy a judgment debt. By mandating a comprehensive disclosure of assets, income, and financial information, this statement enables creditors, courts, and enforcement agencies to fairly enforce judgments and protect the rights of all parties involved.
