What is Foreclosure? Is It a Last Resort for Debt Collection?
Seizure is the process of seizing the movable and immovable properties of the debtor by the state in order to collect the debt of the creditor. If the debt is not paid, the creditor may initiate enforcement proceedings and request a lien. This process is carried out by bailiffs and is a legal process.
How to File a Seizure?
In order to place a lien, there must first be a finalized enforcement proceeding. The creditor applies to the enforcement office and requests a lien. If the request is accepted, enforcement officers carry out the seizure process. During the seizure process, a report is prepared regarding the seized goods.
Which Goods Can Be Seized?
Seizure can be placed on all movable and immovable properties of the debtor. In this context;
• Immovable properties such as houses, cars and land
• Money in the bank
• Wage
• Pension
• Receivable rights
• Securities
• Business assets
Such goods can be seized.
Lien Types
Liens are divided into different types according to the way they are placed:
• Final Seizure: It is the seizure of property in an amount that will cover the entire receivables of the creditor.
• Partial Seizure: Seizure of property in an amount that will cover a portion of the creditor.
• Provisional Seizure: It is a lien placed as a precautionary measure to collect the receivable in question.
Rights Regarding Seizure
The debtor has some rights regarding the seized goods. These rights are:
• Seizure Complaint: If the debtor thinks that the sequestration is unlawful, he can submit a foreclosure complaint to the enforcement court.
• Lien Removal Case: The debtor can file a lawsuit in the enforcement court to remove the lien.
• Third Party Objection: If a third party claims to be the owner of the seized property, the third party may file an objection.
