I have a non-collateralized loan ($200K) in my personal name used for my small business. I cannot make the payments any longer. I know this is going to court. I am in Florida, so my house and head of household income are not touchable. Other than that I really do not own anything - maybe $1,500 in a vehicle. If the bank gets a judgment, and there is no way to pay it, what happens? Does it hang around until I get assets to cover it? ie if I win the lottery, do they get theirs? A bankruptcy attorney said I could file for BK but do I really need to? What is the long term problem of a judgment, other than negative credit?
What happens after I have a financial judgment against me?
- Thread starter o k
- Start date