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Question :
If you have a promissory note from someone who owes you money and you are suing them for money and you file for chapter 7 bankruptcy will the court take over the promissory note and law suit?
Category Bankruptcy Law Interview Questions
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Added on 2/29/2008
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Answers:

the lawyer will tell you that its your responsibility to get that person to pay. small claims court can help but it depends on the amount. they handle only up to 1000.00 dollars. some amounts may be different in other states. chapter 7 is for business entities and not personal loans. but you can go to a lawyer to file a lien against that person and possibly get a garnishment. those are two separate things. and for each thing a lawyers does is a separate charge. i know, i worked for them in the past. if the person owes you money and isn't working or can't be found, you are out of luck. you can't get blood out of a turnip, that means you can't get won't they don't have. alot of the time judges don't send people to jail for owing money because the tax payers have to pay for them to be there. if someone gets a job at mcdonalds then that is ok with the judge rather than throwing them in jail. the person that lent the money goes without.



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