Click to Listen. Right Click Audio as it’s playing to download to your device.
Eric Lanigan explains the challenges that those who file bankruptcy face when there are pre-existing judgments involved. This issue is tackled in the Lanigan & Lanigan video channel on YouTube called, “Bankruptcy Pre-Existing Judgment – Winter Park.”
Another trap that everyone has to be concerned with is the pre-existing judgment. Now the good news is that the debt is discharged in bankruptcy. However any lien resulting from the judgment remains in force. Now the first question is what is a lien?
And a lien is very simply the legal right to take property from you in order to satisfy a pre-existing debt. So in bankruptcy, even though the debt itself is automatically discharged the creditor still has the right under the lien to obtain property from you. And all property is liened simply by recording the judgment. And virtually all judgments are recorded.
So if you have a judgment you can virtually be assured that it’s been recorded and a judgment lien exists. Now the good news the lien can be easily removed or as we say in bankruptcy avoided by simply the filing of a motion to avoid a judicial lien setting out the legal criteria. And virtually every time the court will enter an order avoiding the judicial lien the end result being then that both the debt is discharged and the lien is gone and removed from the public records.
Winter Park bankruptcy attorney Eric Lanigan and Roddy Lanigan handle a wide range of economic legal issues including foreclosure, mortgage workouts, business reorganizations and securities and investment losses. The economy has effected many people, businesses in all walks of life in many, many industries.
When considering which attorney to hire and which way to go whether bankruptcy Chapter 7, Chapter 13 or foreclosure, you may qualify for a mortgage workout. By talking with the Lanigans you can decide with advice from experienced attorneys who provide aggressive representation with a personal touch.
