Legal Question in Bankruptcy in Illinois
Judgments after Bankruptcy
It will very soon be time to file Chapter 7. In addition to credit card debt, there are little other outstanding debts. Assets from my divorce include a automobile with no debt, worth about $5k, some minimal personal property and a bank account with about $2k.
My question is: Due to prior business failures over the past 18 months, several pending actions and possible judgments may result from lenders and/or franchisors. In what manner will judgments be treated after my bankruptcy is completed?
Knowing that I cannot file again for a period of years, what happens if judgment is entered?
Lastly, can defaults and judgments that are ''possible or pending'' be included in a list of debts when Chapter 7 is filed?
Thank you.
1 Answer from Attorneys
Re: Judgments after Bankruptcy
You will want to INCLUDE all potential contingent creditors on your petition so that you will take advantage of the continuing Automatic Stay provisions of the Code.
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