[CLC-Discussion] Bankruptcy Proof Agreed Judgments

[Tracye]

Mark:

 

You can keep the language of your Judgment clean and record it. Prepare
a separate Stipulation for Stay of Execution (that needs not be filed).
The Stip can provide for the discounted settlement. 

 

If you go this route, add the following language in the Stip. "Should
the payment of this settlement be hereafter voided for any reason, then
the discounted settlement set forth in this Stipulation shall not
apply".  It's not full proof, but I always include it. 

 

Feel free to call me if you have any questions about the structure.  

 

 

Tracye K. Solove, Attorney at Law

Certified Civil Circuit Mediator

Tracye at solovelawfirm.com

Kendallwood Office Park One

12002 Southwest 128th Court

Suite 201

Miami, Florida  33186

Phone: (305) 612-0800

Facsimile: (305) 612-0801

http://www.solovelawfirm.com <http://www.solovelawfirm.com/> 

 

Providing Statewide Legal Services in the areas of Commercial
Collections and Recovery, Creditors' Rights, Commercial Landlord/Tenant
and Real Estate Foreclosures

 

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From: clc-discussion-bounces at lists.flabarrpptl.org
[mailto:clc-discussion-bounces at lists.flabarrpptl.org] On Behalf Of Mark
Young
Sent: Wednesday, June 13, 2012 8:43 PM
To: Construction Law Discussion
Subject: [CLC-Discussion] Bankruptcy Proof Agreed Judgments

 

Hypthetical:  Parties are working toward a settlement agreement, to be
incorporated in a Final Judgment for a contract dispute.  Defendant has
insufficient funds to make a lump payment of the Final Judgment and
requires a payment plan that will take years.  Plaintiff is concerned
with Defendant's ability to pay the judgment.  Is there any language
that can be placed in a settlement agreement that will protect Plaintiff
in the event Defendant files for bankrupty (non-dischargeable debt,
secured creditor status, etc.)?

 

Thanks,

 

Mark

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