Re: Prize Money & Auctioning Property to pay debt
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Posted by Drew
(24.59.27.46) on April 20, 2004 at 14:37:00:
In Reply to: Prize Money & Auctioning Property to pay debt posted by Needtoknow on April 20, 2004 at 14:32:54:
If a creditor takes property of the debtor and sells it and there is money left over after the sale and paying the creditor, the debtor gets the surplas back. If after the sale of the property, the debtor still owes money, then the debtor owes a deficiency balance and can come after you and sell it. I know of no state where prize money, lottery winnings are exempt from creditors. So yes, the creditors can attempt to sieze these winnings. However unlike secured property pledged as collateral, the creditor must first to sue you and get a judgment before they can take any of those proceeds.
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