In order to obtain this "judicial lien", a creditor must sue you in court and obtain a court order that allows them to be paid. Then the creditor must find some of your property and "attach" the court order to that piece of property. This enables them to create a judicial lien against your property in order to satisfy the amount of money that you owe them. Often creditors with a "judicial lien" will go after your home or other property. Fortunately, if you file for bankruptcy, you may be allowed to cancel your creditor's "judicial lien" by claiming the property they have a "judicial lien" against as exempt.
In general, bankruptcy law allows you to claim exemptions in some of your assets, such as your home. Exemptions are designed to ensure that debtors are able to maintain a decent standard of living so that they can get a fresh start after filing for bankruptcy. For example, in Arizona, you are allowed to take an exemption in your home of up to $150,000. This allows you to exempt up
Stephen M. Trezza, Arizona Bankruptcy Attorney
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