Creditor Judgments, Garnishment, and Escheatment

These terms explain legal collection and asset-claim concepts that matter for creditors, debtors, lenders, servicers, and financial account administration.

In this section

• Debtor’s Examination: A Procedure for Asset and Income Disclosure
  A detailed overview of the Debtor’s Examination, a legal procedure where the debtor provides detailed information about their assets and income under oath.
• Garnishee: The Custodian of Assets in Legal Disputes
  A garnishee is an entity or individual who, upon receiving a legal notice, is required to hold assets that belong to another person until the conclusion of legal proceedings.
• Judgment Proof: Financial Protection from Creditor Claims
  Judgment Proof refers to individuals who are legally shielded from creditor collection efforts due to insolvency or specific legal protections.
• Statutory Demand: Enforcement of Debts
  A statutory demand is a formal request by a creditor to a debtor for repayment of a debt, typically specifying a three-week period for repayment or resolution.
• Unclaimed Property: Assets Without a Claimed Ownership for an Extended Period
  Unclaimed property refers to assets or financial obligations that remain without a claimed ownership for a prolonged duration, subject to escheatment by state authorities.