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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 have/had a business line of credit with my bank for $250,000

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I have/had a business line of credit with my bank for $250,000 that was fully extended. They did not renew the line and called the loan,filed a lawsuit and recieved a Judgment March 4th 2010 for $225,000. I made payments of $2500 a month for four months after the March Judgement and then stopped as I am planning to file bankruptcy shortly. A friend told me the other day that if I wait over 6 months after a judgment that the Chapter 7 bankruptcy will not wipe out the $225,000 judgment. Six months is Sept 4th and I need to know if my friend is correct. Thanks
Submitted: 6 years ago.
Category: Bankruptcy Law
Expert:  WALLSTREETESQ replied 6 years ago.
AS LONG AS THE JUDGMENT IS NOT CONVERTED TO A LIEN ON AN ASSET OF YOURS, IT IS DISCHARGEABLE, AND THEIR IS NO 6 MONTH TIME FRAME, IN FACT MANY PEOPLE FILE A BANKRUPTCY ON JUDGMENTS THAT HAVE BEEN ON THEIR RECORD FOR SEVERAL YEARS. Generally speaking, the following debts will not be discharged: taxes; spousal and child support; debts arising out of willful misconduct and or malicious misconduct by the debtor; liability for injury or death from driving while intoxicated; nondischargeable debts from a prior bankruptcy
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