What assets can creditors take?

What assets can creditors take?

If you lose a court case and the judge decides you must pay the creditor, a judgment will be “entered” against you. When a judgment has been entered against you, creditors can take some of your income or your “assets” to pay back the money you owe. Assets are things you own, like a bank account, a car, or jewelry.

How does the court take your financial circumstances into account?

In deciding the amount of any fines or other financial impositions the court will take into account the information you have given about your financial circumstances including your assets. Any other outstanding fines that you have will be taken into account when imposing and enforcing a fine.

Who is in charge of assets after sequestration?

After the Sequestration Order has been granted, the Master of the High Court appoints a Trustee who must take charge of your assets and liabilities. Once a Trustee is appointed we set up a meeting with the Trustee at which meeting we represent you.

Is it an offence not to provide a statement of assets?

This is an official request from the Designated Officer. Every defendant who is prosecuted for an offence needs to provide financial information when asked. It is an offence not to provide the court with a statement of assets and other financial circumstances following an official request.

What happens if you fail to provide statement of assets and other financial circumstances?

If you fail to provide the court with your statement of assets and other financial circumstances, or the court is not satisfied that it has been given enough reliable information, it is entitled to make such decision as it thinks fit about your financial circumstances.

What does the court consider when dividing matrimonial assets?

The Court has a wide discretion. There will not necessarily be a 50/50 split of the assets in every case and an equal division of assets may be appropriate in some cases but not others. What does the Court consider when dividing matrimonial assets?

Can a family member decide what to do with assets?

In some cases, trash bags of stuff are hauled away. Without specific estate instructions concerning asset distribution, family members can be left guessing what a deceased person would want — or decide what to do themselves. In one case, a Michigan probate court had to step in and resolve bitter disputes by distributing numerous items.

When do courts pass judgment on the value of consideration?

In hindsight, many deals seem unfair (“You paid how much for that dress?”). However, courts rarely pass judgment on the value of the consideration exchanged unless the two promises are so disproportionate in value as to demonstrate bad faith (or “unconscionability”) in the bargaining process.

What is considered in an assessment of financial circumstances?

While the initial consideration for the assessment of a fine is the offender’s relevant weekly income, the court is required to take account of the offender’s financial circumstances including assets more broadly. Guidance on important parts of this assessment is set out below.