What Does It Mean To Be Judgment Proof?
What does it mean to be judgment proof?
When a person is said to be "judgment proof," it means that they cannot have their wages garnished, nor can their bank accounts be frozen by creditors. In most cases, it also means that creditors cannot put a lien on their property. Being judgment proof is not the same as being debt-free. It simply means that, even if a creditor obtains a judgment against you, they will not be able to collect on it.
There are a few different ways that someone can become judgment proof. The first is by having very little income or assets. If your only source of income is Social Security, for example, your wages cannot be garnished. The second way to become judgment proof is by shielding your assets through the use of trusts or other legal mechanisms.
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