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I have a default judgement against me for approx. $15,000.

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I own my own property...
I have a default judgement against me for approx. $15,000. I own my own property, witch is paid for. I get Social Security For my kids mother passing away. I am currently looking for work . I got a grant and got my Class A CDL. I currenty have a substitute school driver, job,but it does not pay good. what should I do start paying my crediter a small amount a month or should I file bankruptcy?.Thanks Rick Mumford
Submitted: 6 years ago.Category: Bankruptcy Law
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Answered in 5 minutes by:
3/1/2012
Bankruptcy Lawyer: Terry L., Attorney replied 6 years ago
Terry L.
Terry L., Attorney
Category: Bankruptcy Law
Satisfied Customers: 2,952
Experience: Better Business Bureau. 18yrs bankruptcy experience. Chicago Bar Assoc. American Bankruptcy Institute member.
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Terry L. :

Hi, thanks for your question. You should hire a lawyer for specific legal advice. No attorney client relationship is created here.

Terry L. :

You should meet with a local bankruptcy attorney. Several issues to consider:

Terry L. :

1. if the creditor obtained a judgment (you said default since you didn't appear most likely) they can record that against the title to your home.

Terry L. :

2. if they do, the value of the house will come into play, if a bankruptcy can help you out.

Terry L. :

3. Each state provides homestead exemptions (state or federal depending on where you live) that exemption is used to protect equity.

Terry L. :

If the value of the home is less than the exemption, you are fine.

Terry L. :

A bankruptcy can strip off any judgment lien on the home if so.

Terry L. :

4. if the value is greater than the exemption, the judgment can stay attached to the portion greater than the exemption.

Terry L. :

5. The co-existing issue is that if the home is more valuable than the exemption, the bankruptcy trustee in chapter 7 can then sell the property to pay off the unsecured debts you have, and will pay off the judgment too.

Terry L. :

If that is the case, then only a chapter 13 will help, and you'd have to pay the debt back at 100%.

Terry L. :

You want the lender to not have recorded a lien against your home when you file.

Terry L. :

Talk to a local bankruptcy attorney asap, as timing may be of the essence here. Most offer free consults.

Terry L. :

Thanks for your question, let me know if you have any more.

Terry L. :

Good luck.

Terry L. :

The question has not been accepted yet, please click accept to complete the transaction. thanks

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Experience: Better Business Bureau. 18yrs bankruptcy experience. Chicago Bar Assoc. American Bankruptcy Institute member.

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