Kauai1018

What happens when you can’t pay judgement?

30 posts in this topic

On 2/11/2019 at 7:23 PM, TenBucksBroke said:

Haha! No, they do not. Please cite your source.

Don't know if they use bots, but CRA's do purchase the civil judgment data in bulk from third party data companies like LexisNexis and Westlaw. That's why whether a civil judgment shows up on a credit report can vary wildly.

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On 2/10/2019 at 9:33 AM, Kauai1018 said:
 

My income is $1150 a month in Social Security Disability, I have a condo that is protected under FL homestead which I currently am pulling from my IRA to pay for until I can sell it or will have to stop so I don’t run out of money and let it go back to bank

I have 3 credit cards BBVA Compass $13000, Barclay $7000, 3rd 5th bank $3000 and a $24,000 dental loan with MBT/ Lending club

 I can’t file CH 7 because I would likely have to use Federal law as I have to wait another 18 months before I can use FL law (my inherited IRA is protected from judgements and FL CH) but not Federal CH7.

I am current but now out of money will stop paying so I am sure I will be sued.

Only asset is a 20 year old car maybe worth $3000 which is my only transportation as I live alone. Personal property very little cheap furniture. So what happens when there is no money to freeze in accounts or wages to garnish after a judgement?

So stressed any advice would be appreciated.

 

 

 

Why Ch7 and not Ch13?

I highly doubt you will be sued that quicky.  Once you stop paying it will likely be at LEAST 6 months - if not a year - before they try to sue you.  Once they do sue, most of those account likely have arbitration clauses that you could use to either actually beat the lawsuits, or at the very least really slow down the process.  I think 18 months before getting any kind of judgement is very do-able as things sit right now.

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Thanks, hope it goes that way. Does CH7 get rid of past judgements (if I get sued quickly). Can the trustee in arbitration or BK take your case from state law to federal law?

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1 hour ago, Kauai1018 said:

Thanks, hope it goes that way. Does CH7 get rid of past judgements (if I get sued quickly). Can the trustee in arbitration or BK take your case from state law to federal law?

It's probably best to speak with a BK attorney, all of whom will talk with you for free for the initial 30 minutes to go over your options.

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