Can I file bankruptcy ifI can’t afford to pay a judgement?

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Can I file bankruptcy ifI can’t afford to pay a judgement?

A balance of $6,000 plus fees, plus a yearly rate charge will be entered within the next 45 days (regarding a car accident). I thought it would only be $3,000 but it went up to $6,000 against me and my teenage son. He took my car without permission and damaged someone else’s car.

Asked on August 5, 2010 under Bankruptcy Law, Florida

Answers:

S.L,. Member, California Bar / FreeAdvice Contributing Attorney

Answered 10 years ago | Contributor

You should wait until the judgment is entered before filing bankruptcy.  The reason for waiting until the judgment is officially entered is that you will have to list all creditors and the amount owed each creditor on the bankruptcy forms.  Chapter 7 is a type of bankruptcy which allows you to eliminate your debts.  Your income will determine whether or not you are eligible for Chapter 7.  If you are not eligible for Chapter 7, a Chapter 13 bankruptcy  is an alternative.  The disadvantage of Chapter 13 is that you make payments to creditors according to a plan (budget).


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