Legal Question in Bankruptcy in New York
bankruptcy vs judgement
i have been contemplating bankruptcy for some time and then my former employer filed a lawsuit against me for $70,000 and won. if i file bankruptcy, does it help protect me against the judgement?
2 Answers from Attorneys
Re: bankruptcy vs judgement
Since the judgment has already been recorded, your former employer will have to be listed as a creditor on your bankruptcy petition.
You can, however, work out a payment plan through the bankruptcy trustee.
You may even be able to reduce the amount you owe.
Antoinette M. Wooten, Esq.
Re: bankruptcy vs judgement
Assuming you qualify for Chapter 7 bankruptcy, you should be able to discharge your obligation to your employer, unless the employer challenges the discharge.
Objections to discharge by a creditor are relatively rare. Your employer would only object if the basis of its lawsuit against you was for fraudulent activity.
If the employer merely sued you because it lent you money, you would have no problem discharging this obligation.
For more information about bankruptcy, please see my New York bankruptcy website: www.BankruptcyCanHelp.com
Also, for lots of details about New York bankruptcy practice, law and procedure, please see my bankruptcy blog:
www.LongIslandBankruptcyBlog.com
Good luck!
Related Questions & Answers
-
Foreclosure The house that has my name on its Deed & note is in foreclosure.... Asked 6/19/09, 9:51 pm in United States New York Bankruptcy Law
-
Bankruptcy In NY if you file bankruptcy can you include a promissory note? Asked 6/07/09, 9:55 am in United States New York Bankruptcy Law