QUESTION
Is it up to the trustee or the bankruptcy debtor to renew a judgment asset that is up for renewal in a bankruptcy case?
Asked on Jul 29th, 2016 on Bankruptcy - Nevada
More details to this question:
A judgment debtor renewed a judgment 3 years before it was due for renewal and then tried to collect the judgment outside of bankruptcy before suddenly reopening the bankruptcy and disclosing it to the trustee. Is the new renewal date the 5 years from the date of the last renewal or 5 years before the prior renewal? Is the bankruptcy attorney the one who should renew it, or the bankruptcy debtor creditor?
3 ANSWERS
Commercial & Bankruptcy Law Attorney serving Powell, OH
at
Ronald K. Nims
Update Your Profile
All assets in a Chapter 7 bankruptcy case belong to the bankruptcy estate and it's the trustee's job to either manage the asset or abandon it.
Answered on Sep 01st, 2016 at 5:45 PM
I cannot see that it matters who renewed the judgment. I can only speculate that the bankruptcy debtor likely did not understand that the judgment was an asset of the bankruptcy estate.
Answered on Aug 29th, 2016 at 6:29 PM
Bankruptcy Attorney serving Madison, WI
at
Richard B. Jacobson & Associates, LLC
Update Your Profile
I must assume you mean judgment creditor not judgment debtor. I think most BR lawyers would disagree on whether a secured creditor is permitted to renew, or extend, a lien whose underlying debt has been discharged in bankruptcy. In some states, like Wisconsin, there exists a procedure for clearing away ('satisfying') a judgment lien whose underlying debt has been discharged.
Answered on Aug 29th, 2016 at 6:29 PM