Bankruptcy Law Questions? Ask a Bankruptcy Lawyer Now.
Thank you for your question. I am happy to assist you.
Since you signed a consent judgment and the debt is valid, the creditor can record the judgment.
However, if you are able to work out a payment plan with the creditor, she will not necessarily execute on your assets.
To avoid having the judgment entered you can consider a Chapter 7 bankruptcy. A Chapter 7 bankruptcy will typically discharge unsecured debt.
I hope that the information which I provided was helpful to you.
Best wishes for a successful outcome. If you have additional questions, please do not hesitate to submit them to me directly.
Thank you, Customer/span>
THIS IS FOR INFORMATION ONLY. NO ATTORNEY-CLIENT RELATIONSHIP EXISTS. PLEASE CONSULT A LAWYER IN YOUR STATE FOR LEGAL ADVICE
Can you advise the process under chapter 7 bankruptcy, and if we will be able to keep our home and cars? Also, my husband wanted to know which would be worse for us a judgement or bankruptcy? My fear is a creditor judgement means our assets will be sought after and liquidated by the creditor, which means we have no asset protection. Is this correct?
The assets that are exempt from creditor claims in a bankruptcy are similar to those protected under the bankruptcy code. The main difference is that without a bankruptcy the judgment creditor can hold the judgment until assets are available to execute on.
Here is a link to the California exemptions:
Please click accept so that I may be paid for my work thus far..
Thank you, Customer/span>
DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.
The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).