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Ask WALLSTREETESQ Your Own Question
Category: Bankruptcy Law
Satisfied Customers: 17080
Experience:  14 years exp., CH 7 AND 13 Bankruptcy cases, AFL-CIO UNION PLUS, UFT NYSID AND ALL MAJOR UNIONS
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I am a Neurology expert on this site and need some legal advice.

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I am a Neurology expert on this site and need some legal advice. I aam about to get a 850,000 judgement against me for not paying my S corp loan. I signed personelly and I am listed on the suit, as is the corporation. A motion for summary judgement has been filed by the bank's attorney and will be heard no contest on july 12. My bankruptcy attorney does not want to file a answer or continue in hopes that the bank will settle at the last minute. The loan is basically unsecured with no assets to claim. I also have a negative net worth. It was used for operation capital and machinery which has no value now. What restrictions do I have before the judgement is final. ?
Due to the amount of the debt and my income, I only qualify for personel chapter 11.
How long before the judgement hits my personel credit report? I have just been diagnosed with prostate cancer, and will get surgery on July 14. I will be disabled for 4-6 weeks after surgery. Can I petition the court after surgery to postpone the judgement because of my disabilty?
he should file answer to atleast drag the case out longer if you do not they will get a default, and their will be no reason for them to try to settle, also I would consider now, transferring all assets into another Corp. not named or a family member to avoid a possible collections issue. A chapter 11, would help you, but if you are judgment proof, that would be best, XXXXX XXXXX suggest have your lawyer drag out the case in court to give you time.
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