Can filing bankruptcy help to become judgment proof?
Date: Wed, 07/03/2019 - 22:58
Yes. When you file bankruptcy
Yes. When you file bankruptcy, it imposes automatic stay on judgment and lawsuits. It eliminates your obligation to pay off debts. But my question is, how much do you owe? Bankruptcy has a strict eligibility criteria. Check that criteria to know if you qualify for it.
Which bankruptcy program are
Which bankruptcy program are you talking about? Chapter 7 bankruptcy or Chapter 13 bankruptcy? Whatever you choose, I would request you to go through the eligibility criteria of it. Because Chapter 7 bankruptcy and Chapter 13 bankruptcy have different eligibility criteria.
For example, to be eligible for Chapter 7 bankruptcy your disposable earnings should be low enough to pass the bankruptcy means test. Whereas in Chapter 13 bankruptcy, you cannot have more than $394,7255 of unsecured debt or $1,184,200 of secured debt.
Bankruptcy is a complicated
Bankruptcy is a complicated subject. You should talk to a bankruptcy attorney.