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Roger
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Category: Bankruptcy Law
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Recieved summons today, Plaintiff is sueing me for a pomissary

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Recieved summons today, Plaintiff is sueing me for a pomissary note for a small buisness that I purchased from him. the original note was for approx $54'000.00 the suit is for the remaining balance due of approx $41'000.00 plus a thousand for attorneis fee. I was forced to close company because he terminated my lease on short notice (30 Day) and it was impossible to find an alternative location as there isnt one and building one was cost prhibative. Do I file for bankrupcy now or let this work its way through court then file after a judgemnet has been reached.
Submitted: 4 years ago.
Category: Bankruptcy Law
Expert:  Roger replied 4 years ago.

From a legal standpoint, it makes no difference whether you wait until after a judgment is obtained or before filing bankruptcy. You can either have the debt discharged or the judgment for the debt discharged. Either way, you'll be relieved of the debt.

 

If you were my client, I would suggest that you go ahead and file bankruptcy before a judgment is filed against you.

Customer: replied 4 years ago.
by filing now does that include any fuure attorny fees and interest on the debt, will this remove him from the deed of my house, I currently owe more than its worth but want him off the deed
Expert:  Roger replied 4 years ago.

Yes, the entire claim will be discharged - principal, interest, collection fees, etc.

 

Your obligation to pay this debt is erased and you're not liable for the debt/it will not be a lien against your property after it is discharged.

Roger, Attorney
Category: Bankruptcy Law
Satisfied Customers: 27264
Experience: BV Rated by Martindale-Hubbell; SuperLawyer rating by Thompson-Reuters
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