Can I Get Rid Of My Judgments In A Bankruptcy?

There are many people residing in the Mesa Arizona area who have asked this question. These individuals are considering filing for bankruptcy in order to have their judgments stricken off the records. A judgment can interfere with a person’s peace of mind for very many years. The recommended action to take is hiring a bankruptcy lawyer to assist them in such legal undertakings.

The answer to this question is a definite yes. People have an opportunity to protect themselves from the judgments of creditors by filing for insolvency. A judgment is a legal document given to the creditor by a judge, allowing him to use all means possible including taking his debtor’s wages, in order to get back the amount that the debtor owes him. Judgments expire after a certain time although they are renewable before the lapse of this period.

Insolvency is a term used to describe the process by which an individual petitions the court to remove or significantly reduce the debt he owes to others. There are two types of bankruptcies; these include chapter 7 and chapter 13 bankruptcies. Filing for chapter 7 bankruptcy can totally clear a judgment. This option is appropriate for those who have no means or assets of clearing the debts they have. However, there some exceptions to when it can be used. These exceptions include child support, torts and criminal restitution.

Filing for Chapter 13 bankruptcies will only reduce debt to an amount that the debtor can afford. There is usually a trustee assigned to a chapter 13 case. The trustee looks over the debtor’s total income as well as the debt. Then, he comes up with the appropriate amount for the debtor to pay with the full approval of the court. The decision about the amount of debt to be paid varies with to the severity of the case.

Working with a bankruptcy lawyer is the best option for Mesa Arizona residents who are faced with a judgment. This is because once a judgment is imposed on an individual he cannot call up the creditor to work out a payment schedule. It is a hard task trying to negotiate with a creditor after the judgment has been put in place.

* This blog is written by a third party and nothing in this blog should be taken to constitute professional advice or a formal recommendation and we exclude all representations, warranties, legal liability or responsibility relating to its content. The information in this blog is for general information purposes only.

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