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See Kentucky Judgment Enforcement Law below.
Below are Judgment Enforcement Collection Companies in your state and are here to serve your Judgment Recovery Needs, including asset searches, wage garnishments and bank account locators.
Judgments and Enforcement:
A money judgment is enforceable for a period of fifteen (15) years and may be renewed if action is taken within this period of time. (KRS 413.090(1). It may become a lien on the real property of the judgment debtor in the county in which a notice of judgment lien is filed, and written notice is given to the judgment debtor of his right to claim exemption as provided under the Kentucky statutes. (KRS 426.720.) A judgment creditor may execute the judgment by attachment of the debtor's non-exempt personal or real property, including the garnishment of wages. Generally, the amount of earnings which may be garnished may not exceed twenty-five percent (25%) of the judgment debtor's non-exempt disposable earnings for a workweek. (KRS 427.010.)
Kentucky statutes provide a procedure for confession of judgment. A debtor who wishes to confess to judgment may file with the appropriate court a written statement briefly stating the cause of action . A judgment by confession operates as a release of errors and may be enforced in the same manner as any money judgment issued by the Court. (KRS 454.090, 454.095, 454.100.)
Any judgment, decree, or order of a court of the United States or of any other court is entitled to full faith and credit in the State of Kentucky. (KRS 426.950.) A judgment creditor may seek enforcement of a foreign judgment by filing an authenticated copy of the foreign state judgment and an affidavit setting forth the name and last known post office address of the judgment debtor and creditor in the appropriate court of Kentucky. Notice is required to be given to the judgment debtor at least twenty (20) days prior to any enforcement proceedings. (KRS 426.960.) A foreign judgment has the same effect and is subject to the same procedures, defenses, and proceedings for reopening, vacating or staying as a judgment of any court in the State of Kentucky. (KRS 426.955.)
Legal rate: 8% per annum. (KRS 360.010.)
Contract rate: At any rate the parties agreed to in writing if the amount of money involved is in excess of $15,000.00. If the amount involved is less than $15,000, the interest rate generally may not exceed 19% per annum or 4% above the discount rate on 90-day commercial papers in effect at the Federal Reserve Bank in the Federal Reserve District where the transaction is consummated, whichever is less. (KRS 360.010.)
Judgment rate: 12% compounded annually from the date of judgment.
In general, a debtor may claim exemption of his homestead and certain personal property from attachment and execution of a judgment, or in a bankruptcy proceeding. The Kentucky statutes permit exemption of a debtor's real and personal property which are used by the debtor and his family as a residence in the aggregate value of $5,000.00. Some of the items of personal property which may be exempt include clothing, household furniture and furnishings and ornaments not to exceed $3,000.00 in value, tools, equipment and livestock not exceeding $3,000.00 in value, and motor vehicle and its necessary accessories not exceeding in aggregate $2,500.00 in value. (KRS 427.010.) In addition, a debtor may be entitled to exemption of awards under a crime victim's reparation law, certain portion of recovery from wrongful death or personal injury actions, pension, retirement benefits, (KRS 427.150), and a general exemption not to exceed $1,000.00 in value to be applied toward any property, real or personal, tangible or intangible, in his estate when he has filed for bankruptcy. (KRS 427.160.)
In a bankruptcy proceeding, a debtor, who is a resident of Kentucky, is not permitted to elect the exemptions provided under the federal Bankruptcy Code (K.S.A. 60-2312) even though the federal exemptions may be more beneficial in his situation. (KRS 427.170.)
Statutes Of Limitations:
An action for the recovery of money or other damages generally must be filed within a statutory period of time or such action may be barred forever. Some of the time limitations relevant to credit and collection matters are as follows:
Written contract 15 years KRS 413.090
Oral contract, trespass on real or personal property, bad check, open book account, fraud or mistake. 5 years
Injury to personal property 2 years KRS 413.125
Injury to a person, malicious prosecution, recovery of usury paid for a loan, recovery of stolen property. 1 year