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Barrister
Barrister, Lawyer
Category: Real Estate Law
Satisfied Customers: 22675
Experience:  14 years real estate, Realtor. Landlord 24+ years
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I purchased a home & a few acres 6 yrs ago......my wife left

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I purchased a home & a few acres 6 yrs ago......my wife left me & the loss of her income caused me to let the property go back to the owner financed seller. They sold the property on the court house steps. Now, 1 1/2 yrs later they are suing me & my ex wife for the 41,000.00 difference of what they got on the courthouse steps & my original loan amount even after I paid on the place for 5 yrs. what's my options?
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  Barrister replied 1 year ago.
Hello and thank you for using JA! My goal is to provide you with excellent service and help with your legal problem.
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Do you have any assets that they can come after to satisfy the judgment? (cars, boats, motorcycle, RV, house, bank accounts, etc.)
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Do you have any other large debts?
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Are you employed?
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Thanks
Barrister
Customer: replied 1 year ago.
I have practically nothing........I have a $1,500. Car. A pickup that's worth maybe $500. I live in a house my dad bought in his name & I make the payments on it. I have $3,500 worth of medical bills and owe the bank approximately 10,0000.00.

I own a couple of powers ashes machines that I power wash hog barns regularly for my business I am self employed
Expert:  Barrister replied 1 year ago.
Ok, from a legal perspective, you would be what is called "judgment proof". What I mean is that although they can sue you and get a judgment, you don't have any assets that they could come after to pay the judgment. So they are essentially wasting their time and money in suing you. They can't garnish your wages because you are self employed. You don't have any money or property they can come after either.
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So unless your ex has some assets they can seize or a job where they can garnish her wages, then they likely won't be able to collect.
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If you wanted to get out from under this entirely, then you might consider filing bankruptcy to extinguish this debt and any others and get a fresh start.
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Thanks.

Barrister

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If you need further help, just reply to me via the “REPLY” button and I will be happy to continue.

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I cannot enter into an attorney client relationship, this is a public forum, and all posts are available for public viewing. There is no duty of confidentiality that attaches to any posts. The information provided is not a substitute for a local attorney’s legal advice.


Customer: replied 1 year ago.
My ex wife does have a good job but she has mega student loan debt . She can't afford it either but that's not my problem I guess. If I take bankruptcy will I not owe anyone ? I hate to screw my bank over......they have been very good to my with my business loans to operate
Expert:  Barrister replied 1 year ago.
If I take bankruptcy will I not owe anyone ?
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Legally no, bankruptcy extinguishes virtually all debts except student loans, child support, and alimony. But you are always free to "reaffirm" a debt and exempt it from the bankruptcy if you wanted to continue to pay it. However, if you file BK, your credit will be trashed so the bank won't likely consider your loyalty if you tried to get another loan with them...
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So typically it is best to just bite the bullet, wipe out everything, and start with a clean slate.
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Thanks
Barrister
Barrister, Lawyer
Category: Real Estate Law
Satisfied Customers: 22675
Experience: 14 years real estate, Realtor. Landlord 24+ years
Barrister and 9 other Real Estate Law Specialists are ready to help you

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