What is the name of your state (only U.S. law)? New Mexico
We are considering filing Chapter 7 but my husband had a judgment filed against him by an individual several years ago. He made written arrangements with the man to reduce the amount of the judgment from $ 100,000.00 to
$ 60,000.00 and agreed to make make monthly payments until it was paid.
This was working fine for quite some time, but, our circumstances have changed and we are now unable to keep up the payments along with many of our other obligations. The terms of his agreement state that if he fails to make any payment as outlined, the original judgment will be reinstated (the creditor vacated it when the agreement was implemented) If we file bankruptcy, is this debt eliminated? Can he go back to court and simply sue again for this debt and obtain another judgment after we're out of bankruptcy?
We are considering filing Chapter 7 but my husband had a judgment filed against him by an individual several years ago. He made written arrangements with the man to reduce the amount of the judgment from $ 100,000.00 to
$ 60,000.00 and agreed to make make monthly payments until it was paid.
This was working fine for quite some time, but, our circumstances have changed and we are now unable to keep up the payments along with many of our other obligations. The terms of his agreement state that if he fails to make any payment as outlined, the original judgment will be reinstated (the creditor vacated it when the agreement was implemented) If we file bankruptcy, is this debt eliminated? Can he go back to court and simply sue again for this debt and obtain another judgment after we're out of bankruptcy?