What is ‘fixed trial’
Provided a judgment is a court order requires one party to pay another party a certain sum of money, usually in installments.
Breaking down ‘fixed trial’
Provided a judgment is a court order issued for repayment of debt whereby the debtor to pay to a creditor a specified amount in accordance with the agreed timetable. It is sometimes also known as court consent.
A particular judgment is located in the courts by a debtor who has limited means to repay the debt, often created for a debtor to prevent garnishment of wages. In most cases, provided the court sought from the debtor in a last ditch effort to pay the debt with the creditor who sued for repayment, and all related payments and interest.
If the lender can provide the civil case against the debtor, the court may require the payment of the debt through various means, including voluntary contributions and a deduction from the debtor’s salary. Debtors who are faced with the decision of the court in relation to delinquent debts can apply to the court for a stipulated decision in order to stop the garnishment and other proceedings of the Assembly.
A debtor who agrees to provided the court sets a legally-binding agreement with their lender to pay the said amount within the specified period. In many cases, debtors will find provided solution is advantageous in agreeing to pay the debt, and creditors are sometimes willing to negotiate less, sometimes forgiving late fees, accrued interest or even the principle balance in order to repay the debt.
Delinquent debtors who agree with the specified decision, you must fulfil all commitments, the repayment in the agreed time frame with the debtor, otherwise the risk to lose all benefits, including reduction of duties and the threat of imposition of penalty wages.
At the time issued a definite decision, will consider the conditions, if one of the Parties to perform their agreement. In most cases, when the debtor does not adhere to the payment plan agreed in the established by the court, the debtor will be obliged to compensate all of the original debt, including interest and fees, minus the amount already paid.
Of bankruptcy stipulated judgment
While the laws vary from case to case and state enshrined judgments can sometimes be dischargeable in bankruptcy.
Many types of debt cannot be forgiven in bankruptcy, including student loans, tax debts, alimony, and more. Other debts can be forgiven in bankruptcy at the discretion of the court.
The debtor installed the verdict against them, you should consult with an attorney familiar with Federal and state laws governing bankruptcy and debt repayment.