MenuIn essence, money judgments are final orders entered by courts that a defendant in a lawsuit owes a certain sum to the plaintiff. They represent a particular stage of the life of a debt, and might arise from all manner of debts. Consumers are most often faced with judgments when a credit card lender or utility company successfully sues to collect an amount owed, an auto lender obtains a judgment following repossession of car worth less than the money owed, or a mortgage lender obtains a judgment following a foreclosure that fails to pay off the loan. The latter two are known as "deficiency judgments" and on the occasions that they are obtained, often surprise the debtor who thought losing their house or car was the end of that debt.
Judgment
A judgment (or judgement) is final order of a court granting relief in favor of one party against another. A money judgment is a determination that a defendant owes an amount of money to the plaintiff. A holder of a judgment is entitled to use legal process to obtain property from the defendant/judgment debtor.
