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  1. #1
    Join Date
    Oct 2010
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    4

    Default 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.

  2. #2
    Join Date
    Sep 2010
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    478

    Default Re: Judgment and Bankruptcy

    Quote Quoting miggy12
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    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.

  3. #3
    Join Date
    Oct 2010
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    4

    Default 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.

  4. #4
    Join Date
    Sep 2010
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    478

    Default Re: Judgment and Bankruptcy

    Quote Quoting miggy12
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    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.

  5. #5
    Join Date
    Oct 2010
    Posts
    4

    Default Re: Judgment and Bankruptcy

    Thank you Des

  6. #6
    Join Date
    Dec 2010
    Posts
    1

    Default Re: Judgment and Bankruptcy

    I am not much aware of your problem but i will suggest you to take consultation of a bankruptcy lawyer.

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