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Hi, thanks for your question. You should hire a lawyer for specific legal advice. No attorney client relationship is created here.
The creditor can enforce their judgment against any assets of the debtor that are not claimed as exempt.
so yes, if you have a boat, they can place a judgment lien on it or ask the court to liquidate it to satisfy the debt.
Wage garnishment is common
They could take something physical, if court permits, and if it is of significant value.
There would have to be a hearing before this can happen though.
If you file bankruptcy before they sue, then the debt will be discharged.
Let me know if you have any further questions.
Would they do this at the same hearing date as the original suit or would it be a separate hearing? How would they know what assets I have?
Can I file for bankruptcy after they sue and have the judgement discharged?
What assets can be claimed as exempt?
This is called a citation to discover assets most of the time. it's a second hearing after the judgment gets entered.
You can file bankruptcy at any time to stop the process, yes
Your state allows you exemptions for suits and bankruptcy. You can google Colorado judgment/bankruptcy exemptions to get the list of what can be exemtped
Last question...is the citation to discover assets hearing usually on a normal court schedule or is it expedited? And do they have to physically serve you in order to proceed with this hearing (with both hearings actually)
This site sets out service rules in Col.
Good luck to you. Terry
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