Am I able to file bankruptcy?

Asked over 1 year ago - Chicago, IL

A $90,000 default judgment was entered against me in late 2012.

Attorney answers (6)

  1. Alexander Mchenry Memmen

    Contributor Level 15

    5

    Lawyers agree

    Answered . Depending on a number of factors, you likely qualify for chapter seven liquidation. I HIGHLY recommend you contact a bankruptcy lawyer. I can tell you this: the lawyer fees will be Less than the 90k judgment.

  2. Judy A. Goldstein

    Contributor Level 20

    4

    Lawyers agree

    Answered . Not enough information has been provided. Although that is a large judgment, in order to qualify for bankruptcy,a number of other factors are taken into consideration. There are many good BK lawyers in your area. Go speak to one or more and provide all the details needed to assess your ability to file. If you have a case, you will need a lawyer anyway so why not start looking now?

  3. Henry Repay

    Contributor Level 16

    3

    Lawyers agree

    Answered . The debt itself probably provides substantial reason to consider bankruptcy, but there are many considerations in whether you can or should file, when, under what chapter, etc. The scope of this space does not afford an opportunity to assess the situation and advise you. I recommend you assemble for legal consultation: (1) your income information for September 2012 through the present, including wages and unemployment during that period; (2) all your bills (copies neatly assembled, back pages included); (3) last four years’ tax returns; (4) a credit report (use www.annualcreditreport.com to obtain free report if not requested in last year); and (5) other information that may apply, such as copies of lawsuits. Call at your earliest convenience to afford the most opportunity in which to be advised about your best course. You are not required to use an attorney in your area.

    I do not recommend filing bankruptcy on your own. There are too many complex issues. I have seen several posts on this site for debtors who filed on their own and are seeking counsel concerning complications. Most of them will have a hard time finding an attorney to get involved to unwind the mess without the attorney charging several times what would originally have been paid.

    The scope of this space does not afford an opportunity to adequately advise you. The response provided is intended... more
  4. Michael J. Ireland

    Contributor Level 12

    4

    Lawyers agree

    Answered . There is way too much information needed to determine if you qualify for bankruptcy.

    The fact that a default judgment was entered is only a tiny question and does NOT prevent you from filing bankruptcy.

    It sounds like you need to contact a competent, local consumer bankruptcy attorney and discuss all the details and the pros and cons.

    Good luck.

    If you need further clarity, please email me at MICHAEL@MIRELAND.US Answers to questions are for general... more
  5. Karen Jackson Porter

    Pro

    Contributor Level 12

    2

    Lawyers agree

    Answered . That is a very large judgment. Has the creditor started collection efforts? What was the lawsuit that resulted in the judgment? Why did you not take action before the judgment was entered? As you can tell your question opens up a lot of questions. You need to consult with an attorney about all your options including bankruptcy. You can contact my office for a free consultation.
    Karen J. Porter
    www.porterlawnetwork.com

  6. Jeffrey Scott Hyslip

    Pro

    Contributor Level 13

    1

    Lawyer agrees

    1

    Answered . Michael in my office does free, no obligation, consultations. He would be happy to speak with you. This is not a solicitation. Speak with him then feel free too hire the lawyer of your choosing!

    I am an attorney licensed to practice law in Ohio and some Federal Courts throughout the United States. I am not... more

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