Legal Question in Bankruptcy in Illinois

More likely than not, obtaining a judgment will not help if your friend files bankruptcy soon. His obligation to pay the judgment would be discharged in bankruptcy.

If there is time, obtaining a judgment can create a lien on any real estate. So, if your friend owns real property anywhere, then you may want to proceed and promptly record a memorandum of judgment. Likewise, if you can obtain the judgment and promptly file a citation proceeding, you may be able to attach the motorcycle or other assets.

Otherwise, assuming a prompt bankruptcy or no assets, you will be paying court costs, possibly paying an attorney and losing valuable time without a likelihood of recovering anything.

Also, unless your friend admits he owes the money, the case may come down to your word against his unless you can properly admit into evidence documents that support your claim (checks he has written you, your check for the loan (or at least documentation of the withdrawal of the funds at the time of the loan), documents from the motorcycle purchase).

Your friend may also have a concern in the bankruptcy about the bike being considered an asset. It is important that his attorney consider that this is titled in his name without any perfected lien.

Finally, if this is a "friend," understand that he may choose to pay you back after the bankruptcy regardless that the debt is legally discharged.

You are advised to get a better analysis in a face to face meeting with an attorney.