Judgement debt refers to the monetary obligation imposed on a party by a court’s judgment in a civil lawsuit. It represents the amount of money that the judgement debtor, the party against whom the judgement is entered, owes to the judgement creditor, the party who obtained the judgement. The judgement debt arises from various legal disputes, such as breach of contract, personal injury claims, or other civil matters where a court has determined liability and awarded damages. The judgement creditor seeks to enforce the judgement debt through legal means, such as garnishing wages, seizing assets, or placing liens on property, in order to collect the amount owed. If the judgement debtor fails to satisfy the judgement debt, they may face additional legal consequences, including interest accrual, penalties, or further enforcement actions by the court.
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This glossary post was last updated: 29th March, 2024.
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