7 ANSWERS
Commercial & Bankruptcy Law Attorney serving Powell, OH
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Ronald K. Nims
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Judgment proof means you have no money. Most lawsuits are intended to win money from the defendant, but if the defendant has no money it takes all the fun out of winning.
Answered on Oct 27th, 2016 at 7:49 PM
Bankruptcy Attorney serving Madison, WI
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Richard B. Jacobson & Associates, LLC
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To be judgment proof is to have no significant assets above watch is exempt by law. In other words, a creditor on a judgment cannot collect from the person who is judgment proof.
Answered on Oct 27th, 2016 at 6:27 AM
If someone were to sue you and get a judgment against you, they could not collect on the judgment. In other words, you have no wages to garnish, and whatever money you get (for example, from Social Security) they could not garnish or attach.
Answered on Oct 26th, 2016 at 7:21 PM
Judgment proof means a debt cannot be collected even with a court judgment. Typically, a person who is judgment proof has a very small amount of wages, income only from social security, disability income, or retirement, and has no other assets not protected under state exemption laws.
Answered on Oct 26th, 2016 at 7:20 PM
2 Awards
It means a judgment creditor is unable to collect against the judgment debtor.
Answered on Oct 26th, 2016 at 7:20 PM
If you cannot be garnished.
Answered on Oct 26th, 2016 at 7:19 PM
It means you have no assets or income which a creditor can attach. For example, you don't own a home and your income is limited to disability or SSI.
Answered on Oct 26th, 2016 at 7:18 PM