Expert: Mark J. Markus- California Bankruptcy Attorney - 11/19/2004

Question
I am a 50 yr old man. 3 years ago I was laid off from a $75,000 yr computer support job and was unemployed for about 8 months. I then got a helpdesk job for $42,000/yr. I had 13,000 shares of a stock I paid $4.55/share for. During unemployment I sold 5000 share at a loss to help make ends meet. I now have 8000 shares, value 3.30/share. That is my only asset. I rent and own nothing else, no savings, nothing. I make car payments on a 2000 hyundia elantra with 10 payments to go. I kept up on all my bills except for 6 credit cards I had. I'm went in default on all of them and today am in debt on them for around $150,000 because the interest and penalties hasn't stopped. They are all in collections.Last month my bank sent me a letter saying my account was frozen due to a judgement againt me brought by a collection agent for one of the credit cards and included a copy of the judgement from Westchester county court, NY. I have $1500.00 in the bank. A week ago I got another judment letter from a second collection agent for another credit card saying interest is 9%/yr. I think I'm a candidate for bankruptcy. My two questions are: Will bankruptcy end the judgements or is there something more I need to do to end them and get my bank account back. Will I lose the 8000 shares of stock? Any help or guidance will be greatly appreciated as I'm at my wits end. I did open a new banl account and only deposit what I need to pay my bills but I'm sure it is a matter of time before someone freezes that  

Answer
To answer your questions in order:

1.  Yes, debts reduced to judgment are dischargeable in bankruptcy;

2.  I cannot answer this because it depends on the exemption laws of whatever State you live in.  If you live in California, I will be happy to give you a free phone consultation and answer that question at that time.