Bankruptcy Law
Kansas
Plankton

If there is more than one name on a judgment what would happen if you filed bankruptcy on it?

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2006-03-17 14:23:50
2006-03-17 14:23:50

The other person becomes solely responsible, if one party has filed bankruptcy and is no longer responsible for it. If both parties file bankruptcy within a relatively short time of each other then neither of you will be responsible for the amount owed. * The exception would be if the judgment has been "perfected" as a lien against real property. In such a case the judgment creditor becomes a secured creditor and the judgment will not be dischargeable under bankrupcy law.

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The judgment would have to be presented to the bankruptcy court. Wow! Who mentioned bankruptcy? This is a money judgment against a admin dissolved corp. If bankruptcy had been filed the judgment, if listed, would be discharged and worthless.


Unclear whether the deficiency would be filed by the lender or by the trustee of the bankruptcy estate.


a deficiency judgment should be discharged in a chapter 7 bankruptcy. You should file after you receive the judgment.Im pretty sure this debt would be classified as a unsecured debt.Also, I could be wrong but if you have already filed a bankruptcy then the lender foreclosed and there is a deficiency , the bankruptcy would prove you were insolvent.I think you only have 90 days after you first file.Again I could be wrong. a deficiency judgment should be discharged in a chapter 7 bankruptcy. You should file after you receive the judgment.Im pretty sure this debt would be classified as a unsecured debt.Also, I could be wrong but if you have already filed a bankruptcy then the lender foreclosed and there is a deficiency , the bankruptcy would prove you were insolvent.I think you only have 90 days after you first file.Again I could be wrong.


Assuming a Chapter 7 was filed, if you did not surrender the property to the bank, the bank would file for relief from stay and be able to pursue foreclosure. If you surrendered the property, the mortgage balance was discharged and the bank was in violation of the automatic stay. A notice of the bankruptcy should have been filed with the court the bank sued you in. You cannot ignore legal procedures taken against you after a discharge. You have to respond appropriately.


There is something amiss here, a debt that is discharged in bankruptcy is no longer collectible. Therefore a lawsuit could not be filed and won nor a judgment awarded to the plaintiff pertaining to such a debt. The involved party should contact the attorney that handled the bankruptcy and have the judgment voided if it is indeed invalid. It would be advisable to acertain if the debt was discharged rather than excluded from the bankruptcy or perhaps sold previous to the filing of the petition.


Insolvency is not a defense to a complaint for a foreclosure deficiency. If you have filed bankruptcy and the debt was discharged, that would be a defense.


It will show up as both. If the bank auctions off the car, they may come after you for a deficiency judgment. Any chance of them coming after you would be taken care of in the bankruptcy.


If one files for bankruptcy in the United States, you do not have to prove that you are, and you do not have to be insolvent. Therefore, you are bankruptcy in a legal sense if you filed for bankruptcy. If you want to prove that you are NOT bankrupt all you have to show is that you have not filed for bankruptcy. If you meant insolvent, rather than bankruptcy, to prove that you are not insolvent you would have to show that your income exceeded your debts.


No, however the person's bankruptcy would be a contributing factor if the couple applied for joint credit such as a morgage.


yes but that would be stealing unless you paid for it


I would need more information about the type of business and if the judgment was separate from your personal debt. Typically, a judgment is classified as a nondischargeable debt in bankruptcy proceedings and will remain with you until you pay it and including during the process.


They would legitimately be entitled to be a party to the settlement but would need to apply to the bankruptcy administrator for consideration in this instance.


No, judgments awarded due to personal injury or property damage are not dischargeable under bankruptcy law.


Try searching your credit report for info. Last resort would be to go to Lawyer that filed your bankruptcy.


Why "however?" Obviously, you can do one of three things: 1. pay the judgment, interest, etc.; 2. negotiate a settlement with the judgment creditor;, and 3. file bankruptcy. The judgment will stay on your credit report for at least 10 years (20 in some states, and renewable in others for an additional 10 years). The bankruptcy would have been on your report for 10 years from the date of filing. Go ahead, believe the corporate "financial analysts" on CNN and the networks who tell you NOT to file bankruptcy. It certainly helps them keep their jobs.


If you handled your BK correctly no, as he/she would be a creditor listed and whose debt is dismissed in the bankruptcy by the court too.


Chanel West Coast has never been arrested. Recently, she has filed for bankruptcy. The bankruptcy would be the only reason she has been in court.


Maybe.It also depends on a lot of other factors, but if you would have been able to get that same job before you'd filed for bankruptcy and there would not have been any other factors preventing you from getting the job, then you should be able to...also depending on the reason bankruptcy was filed in the first place. All those factors are taken into consideration.


Yes. Though the amount has to be quite large. For example: A $10,000 debt would not be a proper amount of money to be considered filed for bankruptcy.


The question is what kind of judgment. If it is a judgment lien on property you would have to specficially have the Court void the lien. Mere discharge does not eliminate a valid lien. If you didn't own real property at the time of bankruptcy, generally, a judgment lien cannot attach post-filing. There is no need to eliminate this lien because it is void.


I would like to know the answer to that as well They owe our company lot of money, and we cannot locate them. I understand wine.com has filed a suit against them.


No, the IRS will get to keep it. And, even if you could get it back, the bankruptcy trustee would probably take it to distribute to your creditors.


Ten years from the date of the discharge, not the date of the filing.


No. Foreclosure is a specific action that would be filed in a county court. Filing a Chapter 7 bankruptcy would give the mortgage lender the right to file the foreclosure after the bankruptcy case is closed, unless you reaffirm the mortgage debt with the lender.


Yes, you can settle, make payments, file bankruptcy or move to a state that the DMV does not recognize the judgment. Many states are creating legislation to block their states from a national DMV. Bankruptcy is not good for the judgment holder since they would see nothing as far as money, so settling is in your favor. Also bankruptcy will muck up your credit for years.



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