"Judgment-proof" means that even if a plaintiff obtains its civil judgment against its defendant, the defendant has no assets from on which the court can levy in proceedings in aid of execution to satisfy the judgment. It also generally implies that as a result the defendant is not worth being sued, because the possibility of ultimately recovering a money judgment is nil.Added: There is no such legal principle as judgment proof. It is not a defense to a lawsuit. One can obtain a judgment against a defendant, regardless of the ability to collect the judgment. Plaintiffs often choose to proceed against defendants who appear to be judgment proof because they believe that the defendant will eventually have assets or income against which to collect.You are correct. The status of being judgment-proof is as a matter of fact and not a matter of law. Which is why I used the word "implied" and not the word "holds". Therefore, it is legal to the extent that as a matter of fact the judgment cannot be satisfied.
If the debt is included in the bankruptcy, the only option is to petition for the stay to be lifted. This is seldom granted unless it is secured property, or there are mitigating circumstances.
To get technical, a bankruptcy does not "dismiss" a judgment. However, the end result is the same- a bankruptcy will "discharge" the debtors responsibility to pay the judgment which makes unenforceable - uncollectible. It is against Federal law to try and collect funds that have been discharged in bankruptcy. Prior to the discharge in a bankruptcy, and IMMEDIATELY after the filing of your bankruptcy petition, an "automatic stay" by the court is put in place to freeze all collections actions against you. There are several exceptions which include certain taxes, student loans and fraud.
Have the judgment recorded with the recorder's office in whatever state and county you are in. It won't help you collect on the judgment, but if that person tries to sell or buy property there will be a lien that will have to be cleared up prior to doing either.
Not by one of the creditors. You have an Automatic Stay, which means that they cannot attempt to collect a debt outside the bankruptcy plan.
The same way you collect on any other judgment.
Yes. After a judgment has been made, the defendant(s) have a specific period of time to meet the financial terms of the judgment. If they do not, the plaintiffs may collect a fair interest rate on the judgment until the monies are paid.
If your defendant file bankruptcy and is successful, then you can not collect. Sorry. You went to all that inconvenience for nothing. The only exception is if there was a willful fraud committed by the debtor or they incurred a debt by driving under the influence, or child support and possibly (now) alimony.
The answer depends on the context. If you properly listed the debt in your bankruptcy, then the bankruptcy cour will have a proof of service showing that the creditor was notified of both the bankruptcy and the discharge. You can get those documents from the court's file and show them to the creditor or the creditor's attorney. If the creditor insists on attempting to collect the debt, you should retain an attonrey to reopen the bankruptcy and file a lawsuit called an adversary proceeding for damages and sanctions against the creditor and/or the creditor's attorney. One point that many people do not realize is that while a judgment can be discharged in bankruptcy, judgment LIENS are NOT discharged unless you file the proper motion with the bankruptcy court.
Although corporate officer wages are subject to PA UC taxes they may only collect Unemployment compansation benefits in extreme cases, i.e., declared natural disaster, forced bankruptcy.
If you are the 'creditor' of judgment and you sign for a third party to collect, then YES, your right to collect is given up. Because once that is signed you just signed over your judgment over to the third party, and it is considered THEIR judgment now. BUT you will still get your money judgment from the third party.
There can be many reasons. If, for example, your lawyer had other clients who had the same or a similar claim as yours against the same defendant and there was concern upon acquiring a judgment as to the sufficiency of assets owned by the defendant, the lawyer could not take further action to collect or execute upon the judgment without prejudicing the other client. Likewise, if the other client wanted the lawyer to chase his judgment or perhaps to file a bankruptcy, the lawyer could not do so without prejudicing your interests. In such a case the lawyer might have to withdraw due to conflict of interest.
You can't really collect a judgment unless you are going to use a collection service. You can also ask the court for a garnishment. Having a judgment does not mean that is automatically collected.
Rent is not covered under bankruptcy: a landlord still has the right to collect rent and evict tenants who don't pay.
If the husband was not liable for the debt, then his wages cannot be garnished to collect on the judgment. The judgment is against the person who incurred the debt.
Your insurance company will provide an attorney to you if you are a defendant in an accident lawsuit. If you are the injured party and want to collect a big judgment then perhaps you would want to find your own PI attorney.
Not if you listed your landlord as a creditor on your bankruptcy petition and that there is excess property to pay your landlord after secured creditors and your exemptions. Unpaid rent is an unsecured debt. If a judgment lien is filed, you can avoid it if filed shortly before bankruptcy filing.
Can someone collect my income tax return for a judgment against me
Bankruptcy Means Test and Household Size With a Pending Divorce .
If a loan from a credit union has been discharged in bankruptcy court, that credit union cannot collect and must write the loan off.
It is the responsibility of the judgment holder to choose the method how to collect the debt owed. The judgment holder files the judgment with the clerk of the issuing court in the manner they wish to collect the debt, such as a wage garnishment, bank account levy, property lien, etc.
hoe long do lenders have to collect on a judgement in fla.
Bankruptcy offers protection from creditors after bankruptcy is filed with the court. The creditors are forbidden from contacting you and trying to collect their debt after this point.