Will bankruptcy protect me from a Notice to take Deposition?

If you are currently involved in a lawsuit, the filing of a bankruptcy petition will likely put a freeze on any suits against you. This does not mean that bankruptcy is your best or only option. Find a local bankruptcy attorney who offers a free or low-cost consultation to better explore your options.

Based upon your question, it appears that the finance company has already filed a law suit against you and obtained a judgment for the money it says you owe. In other words, the company sued you and won. The subpoena is to force you to tell the company's lawyer about all your assets and income, so the lawyer can ask that the assets be seized and the income garnished to pay the debt. Filing bankruptcy will stop the lawyer in his tracks. Assuming you told the finance company the truth about your income and assets when you borrowed the money, the debt owed to them will almost certainly be discharged in bankruptcy. The company may have taken a lien on your property when you borrowed the money, but sometimes such liens can be set aside in bankruptcy (if the loan was not used to buy the property subject to the lien).[Technically speaking, the lien would have to be a non-purchase money lien which impaired your exemption rights - but that is for your lawyer to take care of.] Even if you do not file bankruptcy, Kentucky law allows you to protect some assets from being seized. For example, if you do not have more than $2,500 of equity in a car, the creditor can not take the car; if your household goods are worth less than $3,000, the creditor can not sell them to pay the debt. And the values are the current value, not the replacement or new value. For furniture and similar things, think of what you could get for it at a flea market or on Ebay. Depending on your other financial circumstances, bankruptcy may be appropriate for you. Consult an experienced bankruptcy attorney; many offer free initial consultations.