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Judgments
What if I have a Judgment?
If you have been served with a Summons and Complaint generally you will have 20 days to serve an Answer. If you fail to Answer, the creditor will take a Default Judgment against you.
Once a Judgment is properly recorded in the County where the Debtor owns Real Property, it automatically becomes a lien on the Debtor's real property.
After the Creditor receives the Judgment and it is duly recorded the creditor will usually start enforcing the Judgment by filing a Restraining Notice against your Bank Accounts.
The Creditor may also serve you with an Information Subpoena requesting that you answer questions about what assets you own, the location of the assets, and where you are employed. If you fail to answer the questions you may be held in Contempt of Court until you respond.
Once the Creditor knows your information the Creditor may Garnish your Wages, and Seize your assets.
Will the Bankruptcy get rid of the Judgment?
If all of the Debtor's assets are exempt, the Bankruptcy will prevent the Creditor from collecting on the Judgment. If the debtor owns real property, the debtor will have to file a motion to avoid the lien that is impairing the homestead exemption.
One year after the Debtor is discharged, the debtor should file a Motion to Cancel the Judgment pursuant to Debtor and Creditor Law §150 to prevent the Judgment from attaching to after acquired real property.
If you want to file for Bankruptcy to get a fresh start, and are searching for an experienced Bankruptcy Attorney, look no further.
Free Consultation:
Please call (716)-656-7676 or CLICK HERE for your free consultation. The first consultation is always free, and you will always speak directly to Stephen K. Underwood.
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