An important part of loan collection is seeking and enforcing judgments. A New Jersey collections attorney can help you obtain a writ of execution, which is a court order to enforce judgments for paying debt.
New Jersey Rule 4:59 Process to Enforce Judgments outlines how a writ of execution works, including the process for collecting costs covered by the writ. Writs of execution must contain the amount of debt, damages and costs that are due and collectible, along with the interest calculated from the date of judgment. The interest calculation method is explained in detail as part of the writ. Judgment creditors receive copies of the document after the sheriff or other officer levies the debtor’s property. Levies through a writ of execution must exclude funds in a bank or financial institution when certain deposits are made during the 90 days prior to serving the writ. This rule applies to electronic deposits made on a recurring basis and identifiable as exempt under New Jersey or federal law. Exempt funds include:
Child support payments
Social Security benefits
While a writ of execution can serve to freeze funds in bank accounts, garnish wages or seize personal property, it does not extend to real estate property. To gain access to the debtor’s real estate, you must first sell the debtor’s personal property. You may file a motion or notice for an order that allows the sale of real estate only when the proceeds are insufficient or the property cannot be located.
An experienced collections lawyer can help you enforce judgments through writs of execution and other legal means.