Legal Question in Credit and Debt Law in California

I am a judgment debtor who owes $60k to a creditor. The judgment was entered in 99 and renewed recently, 2009.

I am thinking about filing for bankruptcy. I have some money but do not want to be squeezed out of my money over a period of time by this creditor (wage garnishment, bank levy).

What would the effect of bankruptcy be in regards to the debt?


Asked on 10/22/09, 1:51 pm

3 Answers from Attorneys
Robert F. Cohen Law Office of Robert F. Cohen

More than likely, the debt would be discharged or only a portion would be paid back, depending on what chapter you were to file, and how much money is "some money." The law allows an exemption up to over $20,000 of any assets, and there are other exemptions for household goods, automobiles, retirement accounts, etc.

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Answered on 10/22/09, 2:06 pm
OCEAN BEACH ASSOCIATES OCEAN BEACH ASSOCIATES

Negotiate the debt to an acceptable amount or payment arrangement or file for BK. Come to Ocean Beach for the right advocates to negotiate the debt or for the BK filing. Contact me directly.

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Answered on 10/22/09, 3:16 pm
Melvin C. Belli The Belli Law Firm

I agree with Ocean Beach. Makes more sense to try to negotiate first with the threat of filing BK and if they are not reasonable file BK and possibly wipe the debt out.

Good luck

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Answered on 2/04/10, 6:01 pm


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