When a debt is not settled amicably, the dispute is often brought before a court of law wherein the plaintiff will demand for the money he or she is rightly owed by the defendant. When the court rules in favor of the plaintiff, the court issues a legal document that serves as an express permission for the plaintiff to collect the monetary judgment against the defendant or the debtor. This legal tender is referred to as a writ of execution.
A writ of execution is essentially one that provides a creditor with the means of retrieving whatever is owed to him or her by the debtor. This may include repossession of a car or seizure of property. For example, a credit card company may bring a case of an unpaid bill to court. If the court rules in favor of the company, the court issues a writ of execution that allows the company to collect assets amounting to the debt owed by the debtor. It is also possible that a debtor’s money be frozen in order to pay off whatever amount is owed.
It is a possibility that the defendant or debtor must disclose all of his or her assets for the court to determine what can be claimed by the plaintiff or creditor in a writ of execution. Wages are also a common form of collecting judgment. This is often done by withholding a certain amount, which is limited by law, from the salary received by the defendant or debtor.