| How To Seize & Sell Assets To Collect Your Texas Judgment |
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| Written by Harvey L. Cox |
| Sunday, 08 August 2010 20:04 |
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Texas definitely is a hard state in which to collect a judicial money judgment. But, it is not impossible to do so. Although Texas does forbid various types of collection strategies used in other states, it does permit the use of a writ of execution.
Texas definitely is a hard state in which to collect a judicial money judgment. But, it is not impossible to do so. Although Texas does forbid various types of collection strategies used in other states, it does permit the use of a writ of execution. The writ of execution is merely an order allowing the judgment creditor to seize any non-exempt property of the judgment debtor and sell it. The proceeds of the sale are then applied to payment of the outstanding judgment. There are, of course, several distinct types of property the judgment creditor can seize with a writ of execution. This article, though, deals with just one of them. Specifically, this article only deals with the confiscation and sale of real property in Texas. Serving a Writ of Execution for Real Estate The process of seizing and selling real property in payment for a judgment begins with the issuing of a writ of execution. Once the clerk of the court issues the writ, it will be given to the sheriff to carry out. In nearly all cases of property confiscation the sheriff must procure physical possession of the property. That's not the case with real property. Given that real estate isn't going anywhere and the debtor can't secrete it, it is actually not crucial for the sheriff to actually go to the property and "do" something to it. All he has to do is endorse the levy on the writ then return it to the court. That endorsement is in actual fact a confiscation of the property. Selling the Real Property Seized Once the sheriff has seized the property by endorsing the levy on the writ, he begins the process of selling the property. In Texas, all seized and foreclosed property is sold at public sale on the courthouse steps. The courthouse, of course, must be located in the same county as the property being offered. The sale takes place on the first Tuesday of every month between 10:00 a.m. and 4:00 p.m. Before the actual auction sale, the sheriff is required to publicize the sale once a week for three consecutive weeks. The advertisement must be in a newspaper that is in print in the county where the property is located. The sheriff is also required to mail the judgment debtor a photocopy of the notice of auction by mail. Of course, he can also convey that notice in person if he is inclined to do so. As soon as the sheriff sells the property to the highest bidder, he releases a "Sheriff's Deed" to the winner. That deed conveys all right and title to the property to the successful bidder. The funds paid by the successful bidder goes to the judgment creditor. DISCLAIMER: This article is provided as information only and is not to be taken as financial advice. Harvey L. Cox is a Texas attorney and founder of the Texas Judgment Collection Center where he offers a free ecourse on How to Collect Your Own Judgment in Texas. Visit http://TexasJudgmentCollection.com for a free subscription to his ecourse. |