Re: Judgment and Bankruptcy
A correction to my post. It should read that the judgment holder must hold the money for 90 days in case the debtor declares bankruptcy and when the 90 days are up and the jh still has the money, the money legally belongs to the judgment holder.
Re: Judgment and Bankruptcy
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miggy12
It should read that the judgment holder must hold the money for 90 days in case the debtor declares bankruptcy and when the 90 days are up and the jh still has the money, the money legally belongs to the judgment holder.
I am not aware of any law that requires one to "hold the money for 90 days". What you may be thinking of is the right of a Bankruptcy Trustee (or the Debtor-In-Possession) to recover a preferential payment under 11 USC 547. Generally, in a consumer case, payments to an unsecured creditor (including a judgment creditor) that total $600.00 or more, made within the 90 days prior to filing bk, can be recovered. In a business case the amount is just over $5,000.00.
Re: Judgment and Bankruptcy
So do you think she was tellilng me that so I don't collect judgments and there would be more work for her? I don't understand how bankruptcy would affect a judgment already paid. I can understand if the judgment hadn't been paid yet and the holder declares bankruptcy to keep from paying it. And I couldn't find it anywhere that says what she told me. Thank you despritfreya.
Re: Judgment and Bankruptcy
Quote:
Quoting
miggy12
So do you think she was tellilng me that so I don't collect judgments and there would be more work for her? I don't understand how bankruptcy would affect a judgment already paid. I can understand if the judgment hadn't been paid yet and the holder declares bankruptcy to keep from paying it. And I couldn't find it anywhere that says what she told me. Thank you despritfreya.
Can't tell you why this person would give you potentially wrong info. Maybe you just misunderstood. Maybe there is some law in your State, but I doubt it. All I can say that, in the context of a bk, the 90 days is a preference period, nothing more, nothing less.
Des.
Re: Judgment and Bankruptcy
Re: Judgment and Bankruptcy
I am not much aware of your problem but i will suggest you to take consultation of a bankruptcy lawyer.