8:57
It could just be a baseball reference I don’t get though lol
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LSDefine
Simple English definitions for legal terms
judgment debt
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A quick definition of judgment debt:
A judgment debt is when someone owes money to another person because a court said they had to pay it. The person who owes the money is called the judgment debtor, and the person who is owed the money is called the judgment creditor. If the judgment debtor doesn't pay, the judgment creditor can take steps to collect the money, like taking it from their bank account or their paycheck. Different states have different rules for how this works.
A more thorough explanation:
When a person owes money to another party due to a monetary judgment that has been entered against them, they are considered a judgment debtor. The party to whom the judgment debtor owes money is called the judgment creditor. The judgment creditor has the right to collect the judgment debt, and if the debtor fails to pay, the creditor can enforce the judgment.
- John was sued by his former business partner and lost the case. The court entered a judgment against John, and he now owes his former partner a judgment debt.
- Sarah was in a car accident and found to be at fault. The other driver sued her and won, resulting in a judgment debt that Sarah must pay.
These examples illustrate how a judgment debt can arise from a legal dispute where one party is found to owe money to another. The judgment creditor has the right to collect the debt, and if the debtor fails to pay, the creditor can take legal action to enforce the judgment.
It's important to note that different states have different procedures for collecting judgment debts. For example, in California, the creditor can contact the debtor to collect the debt, while in New York, the creditor must obtain a court order to enforce the judgment.