What is a judgment and what should I do now?
When you are unable to pay your debts, creditors can sue you in order to recover the money owed. Your creditors will usually file a lawsuit against your. If your creditor wins a judgment, they can take action to enforce the judgment. This can include wage garnishments and seizing money from accounts.
A default judgement is a court ruling that is handed down when someone does not respond to a lawsuit. This automatic ruling usually results in an amount of money owed plus other costs. You have several options if you receive a notice of judgment. These options include:
Paying the balance in full,
- Working with the creditor on settling the debt or working out a repayment plan,
- Allowing the creditor the right to seize assets as payment for the debt.
- Filing for chapter 7 or Chapter 13 bankruptcy
- Receiving a notice of a judgement might be scary but don’t panic. You should consult a bankruptcy lawyer if you have received a notice of judgment. Filing for bankruptcy can help you discharge certain debts, and provide relief from collection activities. In most cases bankruptcy can discharge debts that have been awarded a judgment. In most cases, there are exceptions to this rule, but these debts may still be discharged. A bankruptcy lawyer will be able advise you on your options and how to proceed. Call Now for a Free Strategy Session from a MN Bankruptcy Lawyer at LIFEBACK LAW Firm
If your debt is overwhelming, you should consult with a bankruptcy lawyer. If you have questions about bankruptcy and would like to do a free consultation to go over your options, visit
www.lifebacklaw.com
to speak with an attorney. You’ll be glad you did it!
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