Have you received an Application for the Appointment of a Receiver?
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After a judgment is granted, many creditors may seek to file an Application of Appointment of a Receiver.
The court may appoint a receiver with the authority to take possession of the non-exempt property, sell it,
and pay the proceeds to the judgment creditor to the extent required to satisfy the judgment.
The receiver is allowed to collect additional receiver fees on top of the judgment, attorneys fees and costs. Usually the receiver collects an additional 25% fee.
Exempt property is not subject to turnover but the defendant must prove what is not exempt. Examples of non-exempt property in Texas
is your homestead, car, and most personal property. Also “current wages” are exempt meaning your wages cannot be garnished in Texas until you deposit them into the bank.
Money in the bank is fair game (except specifically non-exempt accounts, such as IRAs). By putting the money into a bank account, a debtor/creditor relationship is created with the bank.The money has changed its character: it is no longer money; it is a debt owed by the bank to its customer. An exception is Social Security benefits. Social Security benefits enjoy a federal exemption that is not destroyed when the money is deposited into an account.
Examples of non-exempt property are rental properties, vacation homes, or cash in the bank and your wages. However, if you own a business, your receivables or money coming to your business is not wages. A receiver can take over these receivables.
The receiver can often take possession of the debtors mail meaning they can intercept letters and other mail. Basically the receiver “steps into the shoes” of the debtor.
If you are facing a receiver who is attempting to collect on a judgment, reach out to us at Weston Legal
What Happens With a Judgment?
Your Bank Account Can Be Frozen and Emptied by Many Judgment Creditors
A Judgment Can Often Cloud Title on Your Homestead Property
A Judgment is Published on your Credit Report as a “Public Record”
With a Judgment, certain property can be sold at auction to pay towards the judgment
Do I Need a Lawyer?
The vast majority of collection lawsuits end up with a judgment against the consumer. This is primarily because the consumer did nothing to protect themselves or they attempted to defend the lawsuit themselves.
Most of our cases are dismissed by the creditor prior to trial or we reach a favorable settlement for our clients depending on the circumstances of their situation.
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