July 9th, 2012 by Questions
How does a Bankruptcy affect a Judgment?
Posted from: New Brunswick
One Response to “Judgments”
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July 09, 2012 at 10:13 am, Barton Goth - Goth & Company Inc. -Trustee in Bankruptcy said:
A judgement is really just legal authority to collect on a debt. It allows a creditor to seize assets, garnish wages, register against property etc. When you file for bankruptcy there is an automatic Stay of Proceedings that prevents the creditors from exercising or collecting on that judgement. So this would put a stop to any potential garnishment or registration etc.