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Judgement Debts

images (2)Meaning of a Judgement Debt

If you (“the debtor”) owe an individual or a company (“the creditor”) cash and don’t succeed to pay back that cash by the decided due time frame, the lender can implement for a tribunal or court order asking that you pay back your debts. The order made by the judge or a tribunal is known as a judgement debts. Before knowing the repercussions of judgement debts in details, you need to comprehend the actual meaning of court judgement.

Definition of a Court Judgement

A court judgement is a lawful order that makes an individual or company responsible for the cash. If you owe a sum of cash to another individual, they have the choice to start court procedures in an effort to restore the amount outstanding.

Definition of a statement of claim

This procedure would normally include the solutions of a solicitor who would begin the procedure by planning a “statement of claim”, and which is best described, as follows:

>> In these procedures, the party that is starting the lawsuit is known as the plaintiff (“the creditor”) and the party being charged is known as the accused (“the debtor”)

>> A statement of claim will summarize the claim and what the accused may do to take care of the matter

>> Generally, a statement of claim will give a 28 day interval for the accused to either file a defense or negotiate the issue with the plaintiff

Do the Legal Proceedings vary between each territory and state?

Yes, the procedure does vary a little bit between each area and state, but for the most part the basic principles are the same. The one thing that does vary is the procedure of the accused being provided a statement of claim. In the state of NSW, this does include the accused being individually served while in other states the plaintiff only needs to mail the papers.

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