Can Someone With a Judgment Take My Money?

After going to the court, your creditor may get a judgment that legally declares that you owe a certain amount of money. A judgment gives your creditor the right to collect money from you. There are several methods that your creditor can use to take your money to pay off your debt.

Wage Garnishment

Your creditor can take up to 25 percent of your wages through a process called wage garnishment. This is probably the most common money judgment collection method, according the legal website Nolo.com. To garnishee your wages, your creditor serves your employer with a notice of garnishment, giving your employer the legal obligation to give some of your wages to the sheriff's office for distribution to your creditor. Some states don't allow wage garnishment, including Pennsylvania, South Carolina and Texas. In other states, your creditor can also garnishee your spouse's wages. These states include California, Washington and Arizona.

Bank Account Garnishments

Your creditor can also garnishee your other monetary assets, such as bank accounts. To garnishee these assets, your creditor has to know the details of your financial institution. The court clerk then issues a writ of garnishment that your creditor serves to your financial institution. Your financial institution then has to list any of your assets it holds and the judge may order your financial institution to give your money to your creditor.

Real Estate Lien

Your creditor may also take your money by attaching a judgment lien to your real estate or other assets. This gives your creditor a claim to some of the equity you have in your real estate or assets. Your creditor usually doesn't immediately get your money when it uses this method. Instead, your creditor waits until you sell or refinance your asset and then claims some or all the proceeds you get from the transaction.

Other Property

Your creditor also has the right to seize your personal property or real estate. However, this method takes much effort and time, so creditors usually choose to place liens on them instead. If you run a business that sells goods or services for cash, your creditor may arrange for the sheriff to take any cash he can find in your cash register or on your person. This is also known as a till tap. The sheriff may also take your business assets, such as vehicles and equipment.