judgement/bk
Date: Tue, 08/10/2010 - 19:44
The creditor will not benefit as it is more than likely that the
The creditor will not benefit as it is more than likely that the debt will be discharged in the bankruptcy.
How do you know judgement is coming? Tell us more about amount
How do you know judgement is coming? Tell us more about amount and creditor.
Quote:Originally Posted by OZZIE69How do you know judgement is c
Quote:
Originally Posted by OZZIE69 How do you know judgement is coming? Tell us more about amount and creditor. |
I have been sued by U.S. Bank(6500), and things are not looking good. Every motion I file gets denied and thier lawyer has a good reputaion. All the lawyers I have contacted for a consultation have told me what to expect.
Find out if they have an arbitration clause in card holder agree
Find out if they have an arbitration clause in card holder agreement. If so, elect arbitration and it will take out of court system.
"Can anyone tell me if the creditor will benefit from this and h
"Can anyone tell me if the creditor will benefit from this and how? Thank you for your help...."
This depends on a few factors. Mostly the type of BK you can file for and your asset level.
Also my understanding is if you file while litigation is current the currently litigation is basically part of the automatic bk stay and basically if your bankruptcy is completed its null and void (meaning they get whatever your BK trustee says they get. Period.
If you lose the judgment AND you have something that the judgment creates an automatic lien on something you own (basically land) then the Judgment creditor is treated as a "secured creditor" meaning they are earlier in line at the estate trough because of ther judicial lien. This is one reason that some parties will rush to go ahead and sue you earlier than they might if they get wind that you are seriously contemplating BK (and not just bluffing with it). This might happen if you have a piece of land thats paid for and is not exempt under your states (or federal depending on which exemptions are in play) laws.
Again there are a lot of factors but in the vast majority of chapter 7 cases the creditor gets little to nothing and is prohibited from coming after you later for any "difference". Judgments, liens, current litigation, arbitration basically go "poof". Almost nothing trumps a BK filing (with a few exceptions you might want to research).
Again there are MANY variables do dont take this as gospel for your particular case.
But again in general if you are filing simply let your BK attny know of the parties in the current litigation against you and he/she will take care of it.
I assume you have more debt than just this $6,500. If not, I am
I assume you have more debt than just this $6,500. If not, I am not sure why someone would file BK for this amount. Worst case, they get judgement and you petition court for installment payment. If you can only afford $50 month it may take 10 years to pay. However, BK is there for 7. Or, you get bonus or pay raise in future and pay off sooner.
I dont know what state you are in either but if you are in a non
I dont know what state you are in either but if you are in a non garnishment state many judgments just get plain ignored. At least in my state the judgment throws a "blanket lien" against any real property you own and thats about all that happens besides having a judgment on your public record. In a garnishment state of course they will immediately go for the garnishment if you have steady non-exempt income.
I know of three people that have rather large judgments against them here in S.C. and have never paid a penny for years. And this "I know" is not the usual "Ive heard of a friends brothers cousin" that this happened to. These people I know very very well and they are trucking along happily post judgment. My lawyer even told me that the vast majority of people he's represented that have lost have never had a single thing happen to them monetarily.
Not that this is going to be your situation of course and as Ozz suggests many courts will entertain a slow option. If you are in a garnishment state and have some nice non exempt assets they might get siezed by the state to sell for their judgment then certainly there is reason to worry and protect yourself and your assets.
Also when you say ive been "advised" to file for bankruptcy I'm
Also when you say ive been "advised" to file for bankruptcy I'm going to assume that this is by a lawyer? And I'll further assume that this is by a lawyer that handles bankruptcies? I cant tell you how many lawyers Ive talked to that just immediately recommended filing. This is for THEIR benefit not yours.
Ive talked to 4 here getting comparitive opinions on my position as a defendent in some litigation I feel is coming my way from credit card cos and without exception they jumped on the BK bandwagon. This is because most lawyers you talk to are NOT litigators they are simple paper pushers. They can fill out a few forms via computer templates and crank out (in my area) 1300-1800 dollar fees quickly.
Most of them did not even know any consumer protection laws and only ONE even mentioned me bringing him any FDCPA cases I might get evidence for. Keep in mind these advertised themselves as "consumer" lawyers.
One I found on NACA. net even went so far as to tell me that you could basically not win in any suit vs creditors and them and debt buyers bring all the evidence they need to win "95%" of the time.
All in all not impressed.
Quote:Originally Posted by rownAlso when you say ive been "advis
Quote:
Originally Posted by rown Also when you say ive been "advised" to file for bankruptcy I'm going to assume that this is by a lawyer? And I'll further assume that this is by a lawyer that handles bankruptcies? I cant tell you how many lawyers Ive talked to that just immediately recommended filing. This is for THEIR benefit not yours. Ive talked to 4 here getting comparitive opinions on my position as a defendent in some litigation I feel is coming my way from credit card cos and without exception they jumped on the BK bandwagon. This is because most lawyers you talk to are NOT litigators they are simple paper pushers. They can fill out a few forms via computer templates and crank out (in my area) 1300-1800 dollar fees quickly. Most of them did not even know any consumer protection laws and only ONE even mentioned me bringing him any FDCPA cases I might get evidence for. Keep in mind these advertised themselves as "consumer" lawyers. One I found on NACA. net even went so far as to tell me that you could basically not win in any suit vs creditors and them and debt buyers bring all the evidence they need to win "95%" of the time. All in all not impressed. |
thank you all for your assistance. I did contact four lawyers listed on naca.net and received mixed reactions including one from another state listed in my state who was not familiar with local laws. I did speak with one who was familiar with the creditors attorney and I felt comfortable about his advice. He did not tell me he handles bk's, but did advise me to consult with five bk attorneys after explaining the situation to me.
Quote:Originally Posted by OZZIE69I assume you have more debt th
Quote:
Originally Posted by OZZIE69 I assume you have more debt than just this $6,500. If not, I am not sure why someone would file BK for this amount. Worst case, they get judgement and you petition court for installment payment. If you can only afford $50 month it may take 10 years to pay. However, BK is there for 7. Or, you get bonus or pay raise in future and pay off sooner. |
BK is on your credit report for 10 years, not 7