What happens if the deed debt is not paid, what is the deed debt, what are the sanctions of the deed debt, when the deed debt is not paid, we will seek answers to our questions through our article such as whether the executive comes to the house. In some cases, when we are under debt or payment obligation, companies or individuals make bonds in return for debt in order to keep their debts secured. If these securities are issued correctly, they may contain legal binding.
The debt of the deed is insignificant, and approaches such as a deadlock are not true. Deed debts can also be monitored and legal proceedings can be initiated. So what happens if debts aren’t paid? What are the liabilities in promissory notes? If the house is not paid debt debt foreclosure income?
A deed is a document issued at certain maturity intervals in order to secure a money (debt) that we are obliged to pay. The deed shall be signed by the debtor and given to the creditor and the product, service or debt provided by the creditor shall be secured by the money. It is useful to remind you that you have to pay this money when the due date of the deed you have given comes. The deed is definitely a legal document because it is a serious document and it can cause problems when it is processed.
In order to issue the deed, it is sufficient to have a debtor – creditor duo. It is not obligatory for a third party to sign on the deed, but if the guarantor is required by the creditor, the information on the deed may be filled out by the third parties. Name-Surname, Address and Identity Information of TC shall be placed on the promissory notes and a double signature shall be signed next to it. Debt information is in the upper sections of a standard deed and debtor information is in the lower sections.
What happens if the debt is not paid?
We stated that the deed is a legal document and it is very important in the upper parts of our article. If you have signed in one year and you have not fulfilled your payment obligation, the creditor can process this bond and initiate enforcement proceedings. This may change as the transaction time by the creditor. For example, while some corporate creditors process the bond directly, some creditors contact you periodically to make payments and offer various payment options. If you cannot pay within the scope of these opportunities, they go to the way of initiating execution proceedings as a second option. What happens if the debt is not paid? Because of the debt of the deed will come to my house executive?
If the note signed by the parties is not paid , the creditor applies first to the enforcement offices or a lawyer to be appointed by a lawyer to collect this claim. Attorneys’ fees are directly added to the lawyer’s bill. The lawyer who takes over the deed will contact you first and inform you about your debt . It offers you various payment methods, including attorneys’ fees. (Advance, installment, credit card) By choosing one of these payment methods to your business begins to pay and you are deemed to be free from execution proceedings. Since lawyers generally prefer the short-term payment of the debt, they can also offer you payment plans for your business. Since the initiation of enforcement proceedings will take an average of 1 month, we recommend that you make this method by hand . Otherwise, if you do not pay and do not reach an agreement, execution proceedings and court proceedings will begin. So how does the court process work? What happens if the debt is not paid?
Debt Enforcement Proceedings and Court Process
If you have not fulfilled the options mentioned above, you have made your payments again irregularly or you have not provided any agreement within the 10 days the lawyer has given you, this time the enforcement proceedings and court proceedings are activated. For not paying, the lawyers forward the deed to the enforcement courts and initiate enforcement proceedings against you. The enforcement courts open the case and initiate transactions such as foreclosure, salary foreclosure. These operations may vary from person to person. Generally salary foreclosures are preferred instead of foreclosures . If you have not paid your debt and brought the situation up to this stage, please note that through the enforcement courts, a 1/4 of your salary may be foreclosed. This amount shall not exceed 1/4 of the salary.
If the debt is paid to the Executive Execution Comes Home?
As we mentioned above, if you do not pay your debt is likely to come to your home execution. However, when we look at the general practices of the courts, we can say that instead of the foreclosure of the immovable property, salary foreclosure is applied. Of course, this will vary depending on the amount of your debt. Instead of your court salary, you can also place a lien on your immovable property for your large debts. This preference may also vary according to the work of the lawyer. If you have the ability to pay, it is advisable to make an agreement to pay the options that are most convenient to you at the first meeting with your solicitor directly before the proceedings come to this stage.
If the deed is given to a lawyer, you should remember that the lawyer will call you first. If the deed is given to the lawyer, the procedures will not start directly and the lawyers will give you time. Paying during this period is one of the most sensible solutions. It would make sense to share your payment opportunities with lawyers and agree on the most appropriate payment options for your business. We tried to give information about what happens if the debt is not paid, you can send us your questions in the comments section.