Unpaid debts can result in a law suit being filed against you. If you fail to pay off your credit card debt, medical bills, payday loans or tax debt, a creditor may begin a lawsuit against you. If they get a judgement against you, they can potentially garnish your wages or go after your personal assets.
Filing for Chapter 7 bankruptcy can discharge judgments for certain types of debt. In fact, in most cases, filing for Chapter 7 bankruptcy will discharge civil judgements.
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A pending lawsuit is stopped by a portion of the bankruptcy code referred to as the automatic stay. Filing for bankruptcy will remove your liability even if the civil judgment has already been taken against you.
Bankruptcy will not get rid of judgments for certain nondischargeable debts. Some of the most common nondischargeable debts include:
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As a general rule, liens placed on your property prior to filing will survive after bankruptcy. There are exceptions to this rule!
Your attorney can avoid some liens using tools built into the bankruptcy code. Still other liens can be satisfied after you have received your bankruptcy discharge by using Wisconsin law.
Bankruptcy can’t get rid of every judgement lien, but there are many types of judgment liens that can be eliminated through bankruptcy. It is important to consult with an attorney to determine if these laws can help you.
For more information regarding elimination of certain liens, schedule a free appointment with Attorney Steven R. McDonald today to discuss your bankruptcy options.
This can be a difficult and complicated process to tackle on your own. An experienced bankruptcy lawyer can help you navigate this process.
Your wages and assets are at risk when a civil judgement is filed against you. For your best chance to remove or satisfy a civil judgment filed against you, speak with Milwaukee bankruptcy attorney Steven R. McDonald today. Get yourself out of a financial hole and begin to rebuild your life.