Judgment Proof in Bankruptcy
Some individuals considering the filing for bankruptcy may not benefit much at all from a bankruptcy filing even though they are dealing with debt issues. Most individuals who are struggling with debt but would not benefit from a bankruptcy are considered judgment proof. An individual is considered judgment proof if creditors who obtain a judgment would be unable to collect anything with the judgment.
The reason creditors may not be able to do anything with a collection judgment is due to the source of income of an indebted individual. If the sole source of income of an individual is social security or any other source that is off limits to creditors then the individual is judgment proof if all of his or her property is exempt as well. The attorneys at the Orlando area law firm of Lanigan and Lanigan can help you understand the many possibilities surrounding your bankruptcy filing.
An individual who is considered judgment proof may, however, benefit from filing for bankruptcy. One benefit for judgment proof individuals who do file for bankruptcy is that filing for bankruptcy can cease harassment from creditors. It is common for creditors to relentlessly call individual’s regarding their debt.
The bankruptcy filing process can be challenging and frustrating. Winter Park attorney Eric Lanigan or Roddy Lanigan can help you through the bankruptcy process. Call the Central Florida attorneys at Lanigan and Lanigan and set an appointment to meet with them in their office for any legal issues you may have.
