Kings New York Motion to Avoid Creditor's Lien

Name: Kings New York Motion to Avoid Creditor's Lien
Brand: US Legal Forms
Rating: 4.69 (462 reviews)

Category:

Bankruptcy

State:

Multi-State

County:

Kings

Control #:

US-03348BG

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Description

Judicial lien is a lien obtained by judgment, levy, sequestration or other legal or equitable process or proceeding. If a court finds that a debtor owes money to a creditor and the judgment remains unsatisfied, the creditor can ask the court to impose a lien on specific property owned and possessed by the debtor. After imposing the lien, the court issues a writ directing the local sheriff to seize the property, sell it and turn over the proceeds to the creditor.

Under Bankruptcy proceedings, a creditor can obtain a judicial lien by filing a final judgment issued against a debtor through a lawsuit filed in state court. A certified copy of a final judgment may be filed in the county in which the debtor owns real property. A bankruptcy debtor can file a motion to avoid Judicial Lien. A Motion to avoid Judicial Lien can be filed by a debtor in either a chapter 7 or chapter 13 bankruptcy proceeding. In a Chapter 7 proceeding, an Order Avoiding Judicial Lien will remove the debt totally.

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FAQ

However, an unsecured creditor may become a secured creditor after a lawsuit and judgment. A secured creditor, who has an interest (referred to as a lien) on a particular asset, can use the court system to seize the asset and to satisfy the debt.

? Lien avoidance protects an individual debtor's. right to exempt property. ? A debtor can avoid judicial liens and non- possessory, non-purchase money security. interests in household goods (?NPMSIs?) to the extent that the lien or NPMSI ?impairs? the debtor's exemption in the property.

Satisfaction of lien means full payment of a debt or release of a debtor from a lien by the lienholder.

To perfect its lien, the lender must record or file the mortgage with the appropriate legal authority. Usually, the mortgage is recorded in the land records in the county where the property is located.

Every type of lien will be fall under a combination of these two basic classifications. These are general or specific liens and voluntary or involuntary liens (also referred to as consensual and no-consensual liens). A general lien is one that doesn't attach to a specific piece of collateral.

Impairment of exemption occurs when a lien, in combination with other liens and the amount a debtor may claim as exempt, exceeds the value of property.

The most straightforward way to remove a lien from your property is to satisfy the debt. Once you have paid it off, you can file a Release of Lien form, which acts as evidence that the debt has been satisfied. Keep in mind that a lien is tied to the property, not to the property owner.

One of the strong arm powers given to a debtor is the ability to assume the identity of a hypothetical lien creditor. Wearing the hat of a hypothetical lien creditor, the debtor is able to avoid certain liens or other transfers of interests in the debtor's property.

The creditor is the secured party because they have a financial interest in the collateral which the lien is on.

A lien is a claim or legal right against assets that are typically used as collateral to satisfy a debt. A creditor or a legal judgment could establish a lien. A lien serves to guarantee an underlying obligation, such as the repayment of a loan.

More info

Debtor's Motion to Avoid Judicial Lien (Doc. 94). Fill out the form to access a sample of Practical Guidance.Superior Court (New York), ‎New York (State).

Kings New York Motion to Avoid Creditor's Lien

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FAQ

What is the difference between a lien creditor and a secured creditor?

What does avoidance of lien mean?

What does satisfy lien mean?

How do you perfect a lien?

What are the two kinds of lien?

What does it mean to impair an exemption?

How do you satisfy a lien?

What is a hypothetical lien creditor?

Is a lien creditor a secured party?

What is liening?

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