QUESTION
If a judgment has been issued already for a garnishment, no money has been received, is bankruptcy the only option?
Asked on Apr 17th, 2013 on Bankruptcy - Arizona
More details to this question:
A judgment for garnishment was issued in 2010. No money has been collected from employer. After the garnishment ran out this March, got in contact with debt collector to try and set up payments with no luck, garnishment still active. Is bankruptcy the only option now?
6 ANSWERS
Estate Planning Attorney serving Wilmington, DE
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Reger Rizzo & Darnall, LLP
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Possibly depending on what judgment is for because it may not be dischargeable which means even though garnishment will not take effect you still must pay debt.
Answered on Apr 19th, 2013 at 3:47 PM
Bankruptcy Law Attorney serving Livingston, NJ
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Law Office of Stuart M. Nachbar, P.C.
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It may be your best option.
Answered on Apr 18th, 2013 at 4:53 PM
No necessarily. If a payment plan isn't an option for the creditor, perhaps they would be willing to settle for a lump sum settlement for pennies on the dollar. Certainly the creditor would accept a lump sum of payment in full. The size of the debt, together with your other debt, is important to determine whether or not bankruptcy will even be a reasonable option.
Answered on Apr 18th, 2013 at 4:53 PM
Likely, this is the reason that bankruptcy exists.
Answered on Apr 18th, 2013 at 4:52 PM
Chapter 7 Bankruptcy Attorney serving Lisle, IL
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Mankus & Marchan, Ltd.
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Bankruptcy is certainly an option, but many other issues must considered before you make a decision. Consult with a bankruptcy attorney.
Answered on Apr 18th, 2013 at 12:51 AM
Bankruptcy Attorney serving Phoenix, AZ
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Law Office of D. L. Drain, P.A.
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Not sure where you live. Each state has different laws. Please understand that filing for bankruptcy is a very complicated process. It is wise to talk to an experienced bankruptcy attorney before deciding to take this important step.
Answered on Apr 18th, 2013 at 12:09 AM