Hi, thanks for your question. You should hire a lawyer for specific legal advice. No attorney client relationship is created here.
The creditors can sue first.
once they sue, they can issue a citation to discover assets.
they can then freeze bank accounts, garnish any wages, and attach any non-exempted assets you may have.
to find a list of assets that would be exempt, google your state and "judgment exemptions" to find lists by statute.
If you file a bankruptcy case, the debt would be discharged.
retirements are exempt in bankruptcy
the bankruptcy trustee would have the right to sue on whatever contract is there, to collect on the debt.
from the doctor.
you may also have a collection case against him as well for breach of contract, unjust enrichment, etc.
you may want to talk to a lawyer to see what your options would be
Do you have any questions?
Thinking... back to you in a moment... can't afford to finance a legal battle like this with my limited resources at this point. What other options might I have?
well, if you file a bankruptcy, chapter 7, the trustee in the case can sue on your behalf if there is a case
chapter 7 eliminates debts, and if there are any unexempt assets (this potential suit) the trustee can luiqudate it to get the cash to pay back some of your debts. if there is no assets, then the debts are discharged.
I have 3 rental houses in KY ~ could they be attached?
Do they have any equity?
Yes, one of them does.
That could be a problem then in a chapter 7.
The trustee could liquidate any unexempt assets, and that could be liquidated too.
You would look at a chapter 13 to repay enough of the debt to protect the assets you have
You may want to meet with a local bankruptcy attorney, they can review all of your assets and your income/expenses to see if a chapter 7 would be beneficial to you, and also review chapter 13 repayment figures.
Do you have any other questions?
k. No further questions at this time, Terry. Thank you SO much for your time, information, and expertise. Much appreciated.
Feel free to request me for any future questions!
Thank you and good luck!
Will do. Thanks again. XXXXX just click on accept now?
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