I have judgements personally from a Union and business loan. Business is closed Chapter 7?

Asked about 4 years ago - Genoa City, WI

I worked as a subcontractor for a major glass company. He led us to join a union and promised us the stars but all we got was dept. Because of this I have judgements of 43,000, 14,000 and 750, plus the debt from the business all in my personal name. If I do Chapter 7 will the judgements go away? I have no equity in my house, own no vehicles (Owe more than house and truck are worth) No land, no Ira's no 401K no anything! Almost lost my house, was on unemployment for 7 months making 57 dollars a week, etc. etc. Is chapter 7 my best bet?

Attorney answers (2)

  1. Joseph A Blaszkow

    Contributor Level 15

    Answered . You should consult with a knolwledgeable practitioner before making the decision to file for bankruptcy because there are long term consequences, but yes, the process will discharge those debts in your name. Good luck.

    The author of this post is licensed to practice law in the District of Columbia, Maryland, and Virginia. This post is intended as general information only, and is not provided as legal advice in connection with any specific case, and does not create an attorney-client relationship.

  2. Donald C. Wheaton Jr.

    Contributor Level 11

    Answered . You need to consult a knowledgeable bankruptcy practitioner in your area regarding whether the debts you have are dischargeable. Generally, yes, debts in your name (whether personal or business) are dischargeable. But some contracts have terms that keep contract liabilities going even though one of the parties files for bankruptcy. Whether terms like that are in the contracts you signed, I can't say. That's why you need to work with a lawyer near you. Best of luck.

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