Judgments are legal rulings that dispense for money relief to the opinion creditor. Comprehension laws, exemptions and bout limitations vary by management. Laws in South Carolina territory that judgments are automatic liens on de facto Belongings that does not fall under the exemption Sort. Grasp creditors keep many legal avenues available to them for experience Obligation recovery.
The execution laws and procedures are still applicable in judgments resulting from vehicle accidents.
As of Jan 2011, South Carolina judgments transact a legal annual activity scale of 8.75 percent on all stated accounts. The comprehension enthusiasm percentage on entered and enrolled court-ordered decrees is 14 percent annually.
Execution
In South Carolina, execution is the habit allowed by jurisprudence to enforce the terms of a view. An execution is a seperate filing with the Employee of Court in the county where the belief is issued that directs the Sheriff to grab valid estate and personal Belongings from the impression debtor that is not exempt by administration law. Upon seizing the non-exempt property, the Sheriff sells it at public auction and gives the proceeds to the judgment creditor to satisfy the judgment.
Exemptions
Each state provides for the amounts of personal and real property values that are exempt from judgment liens, levies or seizures. In South Carolina, a person's primary residence is exempt under the homestead exemption law, up to an aggregate value of $5,000. One motor vehicle, not to exceed a value of $1,200, is also exempt from a judgment creditor. Other exemptions include household goods and furnishings with an aggregate value not to exceed $2,500, jewelry with an aggregate value of no more than $500 and cash or liquid assets not to exceed $1,000.
Vehicle Accident Judgment Recovery
If a judgment is a result of a lawsuit arising from a motor vehicle accident, the judgment debtor -- the losing party -- has 60 days to satisfy the terms of the judgment. If the judgment is not satisfied in full within 60 days, South Carolina law allows for the suspension of the judgment debtor's driver's license and registration.
