Jupiter Lawsuit Judgement Lawyer
A money judgement, which is a court-ordered payment for a debt owed, or a lawsuit filed against you can cause serious ramifications for anyone, especially when you are already having trouble managing your finances. Now, on top of being in debt, you are suddenly forced to pay out of pocket—usually an amount that you cannot afford. This may require you to take out a loan, further putting you in the debt hole. However, there is an option that can help solve your problem, but only if you work closely with an attorney. Our Jupiter lawsuit judgement lawyers can explain how bankruptcy might be the right option for you to erase your debt and get a new start. The law offices of Nowack & Olson can be reached at 888-813-4737 to schedule a free consultation.
An Automatic Stay in Bankruptcy Can Stop a Judgement Before it Starts
Whether you believe that a lawsuit is about to be filed against you for a debt that you owe, or a lawsuit has already been filed against you for this purpose, by quickly filing for bankruptcy you can either stop the lawsuit in its tracks or halt one from being filed in the first place. Due to the automatic stay provision within Chapter 7 and Chapter 13 bankruptcy, all money judgement collection and lawsuits must be immediately stopped. However, once a stay has been put in place, a creditor may have the option to have it lifted by the court, which would allow them to continue the lawsuit or money judgement. Similarly, if the creditor has placed a lien on your property, filing for bankruptcy may not be enough to have it removed. Things can get tricky very fast, which is why an attorney is necessary and the sooner you start working with one, the better. Creditors will waste no time taking action to secure their payment, and you need to stay one step ahead of them in order to come out on top.
Recipients of Money Judgements Can Protect Their Assets from Seizure During Bankruptcy
If you receive a money judgement as opposed to paying one, you can take measures to protect this asset from bankruptcy seizure. Florida law allows those who file for bankruptcy to keep up to $1,000 in personal property, and up to $8,000 in some scenarios, and this can be applied to the money judgement that you received from another party.
Reach Out to Our Jupiter Lawsuit Judgement Lawyers for a Consultation Today
About 800,000 people file for bankruptcy in the U.S. each year, according to the National Bankruptcy Forum. And according to the United States Courts, “One of the primary purposes of bankruptcy is to discharge certain debts to give an honest individual debtor a fresh start.” If you are looking for a fresh start, an attorney can help you determine whether you qualify for Chapter 7 or Chapter 13 bankruptcy, and what your best option is. The experienced Jupiter lawsuit judgement attorneys of Nowack & Olson are here to help you today at 888-813-4737.