real property lien

November 27th, 2012 by Questions

if i own real property jointly and a creditor gets judgement for a credit card debt owed, could they place a lien on the property. there is no equity in the property since it has dropped substantially in market value

Posted from: Ontario

Questions

One Response to “real property lien”


November 27, 2012 at 8:02 pm, Barton Goth - Goth & Company Inc. -Trustee in Bankruptcy said:

If an unsecured creditor obtains a judgement, they have the ability to place a writ of enforcement (that is the name in Alberta, the name will vary depending where you are in the country, but the principle is the same) on that property regardless of whether there is equity or not. So the answer is yes, they can place their charge on the property and wait in hopes that the market value of the property rebounds or improves.

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