Are you struggling to pay back a debt once you have had a judgment filed against you? Judgments may add to already high financial concerns. A judgment is when a creditor sues you for the amount of money you owe them. If they win, you will be ordered by the court to payback the money. Your inability to pay the debt will not be taken into consideration, and you will be forced to come up with the money or face legal consequences.
If you or someone you love is struggling under the pressure of a judgment, our bankruptcy law attorneys can help. Contact a bankruptcy lawyer today to get started.
Debts that can result in a judgment against you can include:
In many situations, you may be able to get the judgment vacated. Filing a motion to vacate the judgment can be compared to filing an appeal in other types of court cases. You also may be able to get a judgment “overruled,” which would make the judgment no longer valid. Additionally, you may be able to avoid the judgment all together by acting proactively. The number one reason creditors win judgments is because the defendant fails to appear in court. This may be due to embarrassment or feeling there is nothing they can do about it. When this happens, the creditor wins by default.
A bankruptcy may help you avoid or eliminate judgments against you. Although a bankruptcy may have a negative impact on your credit, so does a judgment. The difference, however, is that a bankruptcy will actually eliminate the debt, while a judgment will only add financial stress to your already stressful situation. Judgments can result in wage garnishments, which can negatively affect your income. The decrease in income caused by the judgment can negatively affect your financial situation sin other areas, but making it difficult for you to keep up with other bills.
Have you or someone you love been dealing with the financial stress and pressure of a judgment? If so, our bankruptcy lawyers can help you get control of your financial situation. Contact a bankruptcy law attorney today to learn more about your options.
Did you know?
Most creditors can request up to 25% of your disposable income.
Some creditors, such as the IRS, can take even more.