The filing of a bankruptcy prevents any lawsuits from being filed or judgments taken against you. If you file bankruptcy and a lawsuit against you is already filed, it can go no further without permission from the bankruptcy court. If a judgment has been taken, its enforcement can go no further without permission from the bankruptcy court.
If there are potential lawsuits against you, bankruptcy court can offer a forum where the dispute can be rapidly settled. This helps thus avoid the time and expense of litigating the matter in state court.
When filing for bankruptcy relief after a judgement has been taken against you, the obligation to pay the judgment debt may be relieved, or, in a Chapter 13 Plan, you may be able to arrange payment and satisfaction of the judgment over a period not to exceed 5 years.
If the judgment has placed a lien on your assets, you may be able to avoid this lien and remove it as a lien on certain assets such as your home, furniture, appliances.
If lawsuits or judgments are either a threat or a real problem, there may be relief available for you!
Each person's situation is different. What applies to one person may not apply to another. To determine bankruptcy options as they apply to you, an attorney competent in bankruptcy matters should be consulted.
If you wish to have a confidential appointment to discuss your bankruptcy options with an attorney in the Law Offices of John M. Miller, you may do so by calling (515) 225-3333 between the hours of 8 a.m. to 5 p.m.(Central Time), Monday through Friday.