Would it be best to ignore a judgement and file for Chapter 7 bankruptcy in the future if I haveno assets now?

Get Legal Help Today

 Secured with SHA-256 Encryption

Would it be best to ignore a judgement and file for Chapter 7 bankruptcy in the future if I haveno assets now?

I have a judgement against me that I am unable to pay at the moment with no job/income coming in. I also, however, have other debts as well in collection which are increasing by interest. Would it be wise to ignore this judgement and file for bankruptcy later on? I received a letter not to long ago saying If I don’t respond to them asap they will be going back to court to enforce the judgement. I’m not sure what to do.

Asked on July 2, 2012 under Bankruptcy Law, Massachusetts

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 9 years ago | Contributor

If you have little or no assets now and also have judgments and other debts against you which you simply cannot pay, then Chapter 7 is a good option. It will let you discharge or eliminate those debts at a comparatively low cost (since you don't have assets to liquidate). It will hurt your credit for a period of years, but not necessarily that much more than having defaults and judgments against you will. Below is a link to a very good website put out by the federal courts about how bankruptcy works; good luck.

http://www.uscourts.gov/FederalCourts/Bankruptcy/BankruptcyBasics.aspx/


IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

Get Legal Help Today

Find the right lawyer for your legal issue.

 Secured with SHA-256 Encryption