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Creditors´ Rights

1. Writ of Execution:

A writ of execution is an order, issued by a judge or the clerk of the court, directing the sheriff to seize and sell any of the debtor´s non-exempt real or personal property that is within the court´s non-exempt real or personal property that is within the cort´s geographic jurisdiction (usually the county in which the courthouse is located).

Nonexempt property...
is property that the creditor can have seized from the debtor and sold. The proceeds of the sale are used to pay off the judgment and the costs of the sale itself. This procedure is known as a judicial sale. Any excess of the proceeds is paid to the debtor who owned the property. At any time before the sale takes place, the debtor can pay the judgment and can redeem the non-exempt property.

Exempt property...
is specifically named in statutes as property that can be kept by the debtor and is protected from the creditor. Such property may include the debtor´s furniture and other essentials for living.

2. Attachment:

Writ of attachment...
is a court-ordered seizure by which the sheriff takes thee defendant´s specified property into custody. The writ of attachment is normally a prejudgment remedy, requested by the creditor either when the lawsuit is filed or sometime after the filing, but before the entry of a final judgement. The remedy assists the creditor in collecting the debt owed if the judgment is made in the creditor´s favor, because the sheriff, not the debtors, has custody of the property.

To use attachment as remedy, the creditor must follow certain procedures. He must file an affidavit with the court. An affidavit is a short written statement of facts given under oath and is used as evidence in a court. The affidavit states that the debtor is in default and states the statutory grounds under which attachment is sought. A bond must be posted by the creditor to cover court costs, the loss of the use of the goods as incurred by the debtor, and the value of the property attached.

When the court is satisfied that the creditor has met all the requirements, it issues a writ of attachment. This writ directs the sheriff or other officer to seize non-exempt property. If the creditor prevails at trail, the seized property then can be sold to satisfy the judgment.