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Debt and Bankruptcy

  • 04-05-2008 6:30am
    #1
    McCrack
    Registered Users, Registered Users 2 Posts: 2,983 ✭✭✭


    Whats the legal situation regarding debt owed to a financial institution (say under 10k) which the debtor cannot pay back. I understand the creditor can seek judgment in the DC but besides the debtors credit rating taking a nose-dive what other ramifications can this have?
    If judgment is granted can it ever be cleared so to speak (presumably if the debtor repays the loan?) and how can this be done?
    What if the loan was unsecured and the debtor has no assets too?

    Also is judgment the same as bankruptcy or would the creditor need to file a seperate petition for this and in reality would they bother if the amount was under 10K.

    Cheers guys.


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