2007-12-19 09:54:02 · 6 answers · asked by tgo1441 1 in Politics & Government ➔ Law & Ethics
Usually no.
There will be a meeting of creditors, and if the person who won the judgement is on that list, they will be notified of the hearing and can make inquiries as to your assets at that time.
However, in some cases, if you file bankruptcy after the suit is adjudicated, some BK Court Judges will rule in favor of a partial payment of the judgement, or may dismiss the bankruptcy.
2007-12-19 10:02:26 · answer #1 · answered by CGIV76 7 · 2⤊ 0⤋
Chapter 7 is essentially a liquidation of your assets. You are not allowed now to file Chapter 7 if your income is sufficient to allow you to enter into a repayment plan.
I would say that if you don't have any assets, or significant income, then no, the person will not still get money.
But check with a lawyer in your state first to see if you need to do anything at all. In some states judgement's cannot be collected based off of your income (no garnishment), and if you have no assets, such as real estate, then there is no way to collect the judgement anyway.
Chapter 7 will also be reported on your credit report for 10 years.
2007-12-19 09:59:04 · answer #2 · answered by James S 2 · 0⤊ 0⤋
Even if you qualify for Chapter 7 (it's becoming more difficult with new rules) there is a chance that the creditor would still have a claim - it depends on who it is and what you are being sued for. It is possible for some judgements to survive bankruptcy, so even when you are discharged, you could end up owing the money.
2007-12-19 09:57:41 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Chapter 7 bankruptcy means you're liquidating everything. They may get SOME money, but probably not, because they'll have to take a number behind your other creditors.
2007-12-19 09:57:24 · answer #4 · answered by Scotty Doesnt Know 7 · 0⤊ 0⤋
Probably not. But if you own anything free and clear they may make you sell it to pay off your debt. The bankruptcy laws have changed a great deal. If your income is sufficient, you will not be able to file.
2007-12-19 10:02:40 · answer #5 · answered by ebonieboo68 2 · 0⤊ 0⤋
What are you getting sued for? Bankruptcy won't solve it they can just hold off on their law suit or depending on the reason it may not be accepted (the bankruptcy). because of the new laws on it.
2007-12-19 09:58:52 · answer #6 · answered by ja man 5 · 0⤊ 0⤋