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Pre-Judgment Attachments
A pre-judgment writ of attachment allows a creditor company with an unsecured claim to obtain a judicial lien on a debtor's assets before final adjudication of the lawsuit. The result of an attachment is the creation of a judicial lien on the debtor's assets. This protects the creditor/plaintiff's interests. If a judgment is ultimately obtained against the debtor, it will be enforceable against the attached property. Here is an outline of the process:
- The creditor petitions the court for a writ of attachment,
- A hearing is held,
- The judge hearing the plaintiff's motion for a writ of attachment considers the facts and renders his or her decision,
- If successful, a writ of attachment (a judicial order) is issued by the court ordering the sheriff or another officer to seize property belonging to the defendant,
- The property is impounded by the officer of the court and held to await the outcome of the lawsuit,
- Using a writ of attachment, the defendant is prevented from disposing of the property to the detriment of the plaintiff's financial interest, assuming the plaintiff is successful in the lawsuit.
An attorney can help creditors understand the risks and benefits of seeking a pre-judgment attachment or lien, but it is clear that this option if the creditor were successful would be a great benefit to an unsecured creditor.
Edited by Michael C. Dennis. Mr. Dennis is the author of "Credit and Collection Handbook." His e-mail address is mcdennis13@yahoo.com