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Judgement vs promisary note

What is the difference between a judgment and promisary note when it comes to declaring bankruptcy?

Posted from: British Columbia

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One Response to “Judgement vs promisary note”

Barton Goth – Goth & Company Inc. -Trustee in Bankruptcy said...

A judgement is a mechanism used by creditors, like thos with the promisary note, to force colletion. The judgement is obtained by court and gives the holder of the promisary note the ability to garnish wages or seize assets. However, there really isn’t any distinction between these in a bankrupcy as the obtaining of a judgement doesn’t change or enhance or change any rights of the creditor in the bankruptcy.