JUDGMENT-DEBT Meaning and
Definition
-
Judgment-debt is a legal term that refers to a monetary obligation to pay a sum of money as determined by a court judgment. It arises when a court rules against a person or entity (the debtor) in a civil lawsuit, typically for the non-payment of a debt or the breach of a contract. The judgment-debt represents the amount of money owed by the debtor to the judgment creditor, which may include the original debt, plus any interest, penalties, and legal costs associated with pursuing the lawsuit.
Once a judgment has been issued by the court, the debtor becomes legally obligated to satisfy the judgment-debt within a specified period. Failure to pay the judgment-debt may result in further legal actions, such as garnishment of wages, seizure of property, or bank account levies, in order to satisfy the outstanding debt. In some cases, interest on the judgment-debt may accrue until it is fully paid.
It is important to note that a judgment-debt is enforceable and can have significant consequences on the debtor's financial situation. It can impact credit ratings, limit borrowing ability, and even restrict certain professional licenses or certifications. However, there are legal avenues available to debtors to negotiate payment plans, seek reductions or modifications of the judgment-debt, or request relief under bankruptcy laws.
Common Misspellings for JUDGMENT-DEBT
- hudgment-debt
- nudgment-debt
- mudgment-debt
- kudgment-debt
- iudgment-debt
- uudgment-debt
- jydgment-debt
- jhdgment-debt
- jjdgment-debt
- jidgment-debt
- j8dgment-debt
- j7dgment-debt
- jusgment-debt
- juxgment-debt
- jucgment-debt
- jufgment-debt
- jurgment-debt
- juegment-debt
- judfment-debt
- judvment-debt
Etymology of JUDGMENT-DEBT
The word "judgment-debt" is a compound noun formed by combining two individual words: "judgment" and "debt".
1. "Judgment" originated from the Old French word "jugement", which was derived from the Latin word "judicium". The Latin term referred to the act of judging or discerning and eventually developed to encompass the legal sense of a court's decision or sentence.
2. "Debt" also has Latin roots, originating from the Old French word "dete" and the Latin word "debita". Both terms referred to a financial obligation or something owed.
When the two words are combined, "judgment-debt" refers to a debt resulting from a court's ruling. In legal terms, it refers to an outstanding debt that someone is required to pay due to a court's judgment against them.
