What Does It Mean To Be Judgment Proof?
When it comes to money matters, the term “judgment proof” is often used. But what does it mean to be judgment proof?
Simply put, being judgment proof means that a person’s assets are protected from creditors. This protection can come from a variety of sources, including bankruptcy, state and federal laws, and even certain types of contracts.
For example, many states have laws that protect a person’s home from creditors. This means that even if a person owes money to creditors, the creditors cannot take away their home.
Another way to become judgment proof is by filing for bankruptcy. When a person files for bankruptcy, all of their assets are protected from creditors. This protection is known as the “automatic stay.
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