Should You File For Bankruptcy If You'Re Judgment Proof?
Filing for bankruptcy protection requires time, effort, and some investment. If it can be avoided, many Americans would rather do so. Could you avoid filing bankruptcy because you are 'judgment proof'? And should you? The answer may surprise you.
What Is Being Judgment Proof?
The idea of being judgment-proof simply means that you have no income or assets which a creditor could seize to pay a debt. Even with a court judgment on their side, there is no way to collect that money.