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cortrightlaw, Attorney
Category: Bankruptcy Law
Satisfied Customers: 513
Experience:  Attorney practicing Bankruptcy Law including Chapter 7, Chapter 11, Chapter 12, and Chapter 13.
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I owe a creditor a considerable amount

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I owe a creditor a considerable amount of money, but unfortunately i am not able to pay due to a failed business. I have no income or assets, and live with relatives. I know that the accounts have gone to a collection attorney, and i will be served papers probably any day. I also know, they will eventually get a judgement. My questions are, what can they do once they get a judgment? will they demand information from me? such as?  PLEASE do not recommend bankruptcy. I know that is probably the best option at this point, but it is not an option for me at the moment 

Submitted: 3 years ago.
Category: Bankruptcy Law
Expert:  cortrightlaw replied 3 years ago.

cortrightlaw : After they get a judgment they can do a debtors exam to see if you have any assets. As far as collections they can seize bank accounts, property, or garnish wages. If you currently to not have any assets or income they can not get anything. It might be a good time to consider bankruptcy when you income and assets are down like they are now.
Customer: replied 3 years ago.
what is a debtors exam? how long does it usually take to get a judgement?
Expert:  cortrightlaw replied 3 years ago.
It is a court order for you to sit down with the judgment creditor and answer questions about your assets and income.
Customer: replied 3 years ago.
can you elaborate please? what kind of questions? do they require documentation? how long does this come after they get a judgement
Expert:  cortrightlaw replied 3 years ago.
It could come very shortly after judgment, they ask were you work, were you bank, what you own, such as property, vehicles
Customer: replied 3 years ago.
do they ask for documents or just question you? how long does the process take usually?
Expert:  cortrightlaw replied 3 years ago.
They will ask you to bring documents for ten to review such as bank statements or title to vehicles or property, the exam itself usually take a few hours to complete.
Customer: replied 3 years ago.
what if you dont have any property or bank accounts?
Expert:  cortrightlaw replied 3 years ago.
Then you would have nothing to bring to the exam, but you will be sworn to tell the truth
Customer: replied 3 years ago.
can they take back monies you have paid to other creditors? for example, if they look at bank accounts and see money that went to pay other expenses? or they can only take assets you have? like money saved, property, etc
Expert:  cortrightlaw replied 3 years ago.
It would be hard to take back money from other creditors unless it was clearly done fraudulently to avoid paying the judgment. And yes they can seize your property or assets to pay the judgement.
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