Quynh-Huong Nguyen Davis's Answers

What's the next step after obtaining a judgement against someone?

In addition to filing a FIFA, you may want to look into filing a garnishment suit against the debtor on the debtor's bank account or pay checks. When garnishing a bank account, you can obtain the entire amount of the funds in the bank account up to the amount of your judgment. When garnishing a debtor out of his/her pay check, you may obtain up to 25% of his or her net income per pay period. There are service issues with filing such garnishment suits, so you would probably do better if you...

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Debt settlement vs. bankruptcy... what should I do?

Whether you should file bankruptcy or try debt consolidation depends on your specific situation. The pros of bankruptcy include the abilities to reduce interest rates, pay back debt based on your disposable income, and protect yourself from collections efforts by creditors. However, a bankruptcy filing gets negatively reported on your credit report. Debt consolidation, on the other hand, may not be as damaging to your credit score as a bankruptcy filing. However, there are no laws governing...

Does defaulting on a loan for your LLP affect your personal credit?

If your LLP was formed for the purpose of holding the real estate, it is likely that you had to personally guarantee the debt, especially if the LLP had no assets or credit history at the time the loan was made. You will likely find the information in loan documents that you signed with the bank.

How to stop a fifa writ of execution?

If the fifa is against you, then you should consult with your bankruptcy lawyer to see whether you listed the insurance company as a creditor on your bankruptcy petition and whether the fifa existed at the time of filing.

How long do you have to be employed on a new job before a credit company can garnish your wages?

If the creditor has your information, then it can garnish you as soon as it serves the employer with the garnishment suit.

What can i do i have a consent order i default on and a judgment was won can't pay full judgment is bankruptcy only help

Bankruptcy would be an option to stop the lawsuit and avoid having to pay back the judgment. You should consult with a local bankruptcy attorney to see if you qualify to file bankruptcy to stop the lawsuit.

Would it be smart to do a divorce or bankruptcy first. I am going to have to do both.

One consideration is that most divorce decrees contain a clause in the settlement agreement between the two spouses that if one spouse files bankruptcy after the divorce, any debt that is joint will be considered non-dischargeable domestic support obligation. The reason for this is that if the settlement agreement states that you will be liable for a joint credit card debt and you file bankruptcy, then your responsibility will be discharged, but your spouse will continue to be liable on your...

I was sued by a credit card debt collector,now there is a lien against me in the court house,will this go away in time?

You can get rid of a lien after you file bankruptcy under some circumstances. As part of your bankruptcy case, your lawyer can file a motion asking the court to get rid of a judgment lien filed by a creditor in most situations, especially if you have few or no assets with equity. You should consult a lawyer in your jurisdiction for advice on this matter.

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I am co-debtor on a loan that was placed in bankruptcy without my knowledge. How can I get it out of the bankruptcy?

You cannot remove the debt from the co-debtor's bankruptcy petition. However, the co-debtor's bankruptcy case does not really change your obligation on the loan. Your status remains the same. You were liable on the debt prior to the co-debtor's bankruptcy filing, and you continue to be liable on that debt now. If the co-debtor's bankruptcy is still active, there may be a "stay" or an order from the bankruptcy court prohibiting the creditor from taking any collections actions against you or...

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Please explain how reaffirming a debt works and what the pros and cons are of doing so.

There is no formal reaffirmation agreement in a Chapter 13. If you choose to keep your vehicle in a Chapter 13, the terms of the loan may be changed under certain circumstances. In a Chapter 13, if you purchased your vehicle more than 910 days prior to filing bankruptcy, you can actually propose to pay the creditor for just the fair market value of the vehicle at a reasonable interest rate (normally prime plus 2 normally works in Georgia). Since car payments are normally included in your...

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