The Impact of Bankruptcy on Your Collection Practice
You are attempting to collect a judgment for your client and your judgment-debtor files a bankruptcy petition. Now what? There are several steps you should take before and after a bankruptcy filing to protect your client's interests and to maximize their recovery.
January 28, 2022 at 10:00 AM
10 minute read
Credit: Andrey Popov / Adobe Stock You are attempting to collect a judgment for your client and your judgment-debtor files a bankruptcy petition. Now what? There are several steps you should take before and after a bankruptcy filing to protect your client's interests and to maximize their recovery.
Before a Bankruptcy Petition Is Filed
Upon obtaining a state court judgment, docket the judgment with the lien and judgment section of the New Jersey State Court. NJ Court Rule 4:101. This makes the judgment a lien on the judgment-debtor's real property in New Jersey. A judgment from a federal court outside New Jersey or from another state is considered a "foreign judgment" that should be domesticated under New Jersey's Uniform Enforcement of Foreign Judgments Act, N.J.S.A. 2A:49A-25 et seq., prior to docketing.
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