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If a judgement is being filed against me for a default on an…

Customer Question
If a judgement is...

If a judgement is being filed against me for a default on an old business loan can I file bankruptcy if I have no debts other then my house payment to relieve this judgement?

Lawyer's Assistant: What state are you in? And has anything been officially filed?

I am in Texas. They are in the process of filing but it has not been filed yet.

Lawyer's Assistant: Has anything been filed in civil court? If so, what?

No.

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

This was a debt on a property that was an owner finance. I put the property under an LLC so when it went into foreclosure that was cleared. But the loan was still under my name. Since the forecluser the previous owner has resold the property for more than what was owed on it. She is still trying to file $150000 judgement against me.

Submitted: 9 months ago.Category: Real Estate Law
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Answered in 9 minutes by:
12/16/2017
Real Estate Lawyer: Law Educator, Esq., Lawyer replied 9 months ago
Law Educator, Esq.
Category: Real Estate Law
Satisfied Customers: 127,648
Experience: Licensed attorney practicing landlord-tenant, land use and other real estate law and litigation.
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Thank you for your question. I look forward to working with you to provide you the information you are seeking for educational purposes only. Please feel free to ignore any phone service request, the expert does not send those unless asked by customer and they are sent by the site automatically.

If the loan was under your name, you could still be liable. As far as bankruptcy, it is not quite that simple anymore. In order for you to file bankruptcy, you need to qualify based on the means test (debt/asset ratio). If you are considering bankruptcy, you actually need to sit with a local bankruptcy lawyer and bring in proof of all of your debts and all of your assets to have them make the calculation to see if you can get qualified for a CH 7 bankruptcy. If you do not qualify for Ch. 7, which would be complete discharge, then CH 13 would be an option, but you would still end up having to repay the debt it would just be a structured payment plan based on your assets and income.

Here is a quick basic means test calculator to give you some idea if you can qualify: https://www.bestcase.com/cmicalc/

Please do not forget to leave positive feedback by clicking on the 5 stars at the top of your page, as the experts are not employees of the site and get no credit for spending time with customers unless they leave positive feedback. Thank you.

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