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Is Bankruptcy The Answer?


Sarris
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I was wondering if you could file a bankruptcy against a judgment? For instance my Father has an $8500.00 judgment aginst him earning 25% per year. He owns his own home, makes his mortgage payments, and owns only one vehicle. The way we figured it, he would owe over $60,000.00 in ten years. They would renew the judgment and after 20 years he would owe well over $150,000.00.

His home is only worth about $200,000.00 and he owes $120,000.00 on it. Combine all of his assets, including his home, and his net worth is only about $225,000.00 after 65 years of living.

So in the event of his death his home would be forced into sale to pay this bull **** judgment. So my question is, can he declare bankruptcy on the judgement? If yes, when would be the best time to do so? And if yes, what type of bankruptcy should he file? He wants to keep his home and his personal belongings.

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