judgments Tag

16 Aug Bankruptcy Discharge of Deficiency Judgments

The Bankruptcy Courts in Connecticut have determined that a lien arising from a deficiency judgment from a mortgage foreclosure may not be avoidable in a bankruptcy case. This means that if the mortgage bank has recorded the deficiency judgment against other real estate that you own, you may not use the bankruptcy process to avoid it. Remember that a deficiency judgment in a foreclosure case is the difference between the balance left on the loan when the real estate is worth less than what is owed. See my prior post on this subject.
Read More

26 Mar What Does It Mean to Have Judgment Filed Against You?

I received the following question about judgments from a potential client:

Are judgments considered secured debt? Or, are they only considered secured to the point of being a lien above and beyond any exemptions? Isn't a judgment simply a finding by the court that you owe a debt? I am particularly interested in how judgments are dealt with in a chapter 13. I'm trying to avoid filing a 13 while I wait to see what happens with my income (up or down), and I could feasibly live through a few months of wage garnishments if necessary. However, if judgments themselves create a problem, maybe I should just file?

My response: A judgment refers to a decision by a court that has been entered into the public record.
Read More