What does being “judgment proof” mean and do I need to file bankruptcy if I am?
These are frequent questions I get asked.
What is a Judgment?
A judgment is a court order that fixes an amount owed on a debt (known as “liquidating” the debt) and which gives the party who obtained the judgment the legal right to take action to collect on the judgment against the judgment debtor (the party who OWES the money).
Such actions are limited by the laws […]