givemeliberty Posted October 5, 2010 Report Share Posted October 5, 2010 so I have two attorneys suing me and have no reason the believe they won't get there judgment. I would like to threaten BK if they will not settle for a low amount, but need to know which is worse on credit report? I have no assets, basically "judgment proof". Or could I wait to see what happens with the suit and get the judgments deleted? Thanks for the advice! Link to comment Share on other sites More sharing options...
willingtocope Posted October 5, 2010 Report Share Posted October 5, 2010 If you're judgement proof, you're probably credit proof also, so your credit reports don't matter much...But...both a BK and a judgement stay on your reports for 10 years. A judgement can be renewed for another 10 years (in most states). Link to comment Share on other sites More sharing options...
givemeliberty Posted October 5, 2010 Author Report Share Posted October 5, 2010 I thought a judgment could be renewed over and over again, not just once? Where can I find this info for my state? I think, maybe after my children are grown I may want/need to work again and wouldn't want my earnings to go to a judgment if that was the case. Link to comment Share on other sites More sharing options...
defeatCA Posted October 5, 2010 Report Share Posted October 5, 2010 In regards to Judgements (and since you are "proof"): Don't worry too much. In case you decide to file BK CH 7 one day, you can have all Judgements against you vacated. After that, they will also be removed from your credit-report.So let's say you have 10 Judgements against you on your credit-report...if you file BK, you can "exchange" all of these public records for a BK... Link to comment Share on other sites More sharing options...
Recommended Posts