If I had a restaurant 7 years ago but had to close it due to financial loss, should I file bankruptcy if a creditor is after me?

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If I had a restaurant 7 years ago but had to close it due to financial loss, should I file bankruptcy if a creditor is after me?

One of the creditors apparently filed suit and obtained a judgment on me and the business. I was told before I knew about this, that no creditor could get money from me. Now I am worried. I don’t have the funds to pay them and the court is requesting all financial information and other documents. Should I go ahead and file bankruptcy to get this and any other past creditors off my back?

Asked on January 11, 2014 under Bankruptcy Law, Texas

Answers:

Anne Brady / Law Office of Anne Brady

Answered 7 years ago | Contributor

Whether you should file bankruptcy, in fact whether you even qualify to file for bankruptcy protection, depends on a lot of factors.  These include your assets, your debts, your income and other things as well.  You may have had a defense to this lawsuit, but it sounds like you did nothing and allowed a default judgment to be entered against you.  You should consult an attorney to find out a) whether there is any way to get the judgment overturned and b) whether bankruptcy is a good option.


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