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 Posted: Wed Apr 23, 2008 6:58 pm |
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Right now I am judgment proof as I am disabled and on very little income, about $300 a month. I know a judgment is good for 20 years and what I am wondering is if a debt collector got a judgment against me and I declared bankruptcy, would that judgment be wiped out?
This way I can start fresh again. I might even try to get an automatic stay to avoid that problem and it's good for 6 months or till I pay off the bankruptcy attorney which has to be done in 6 months. The costs however for bankruptcy in my state is around $1,800 I think unless someone knows of a better way I can avoid the debt collectors and their lawsuits.
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| Posted: Wed Apr 23, 2008 8:13 pm |
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Honestly if you are on disability and you don't forsee any changes being made then what's on your credit report doesn't really hurt you. I mean you don't need credit for anything especially with an income of 300 a month.
A judgement can be gained against you however since they are unable to garnish a disability check you should be ok unless you own property or high valued assets.
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FYI
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| Posted: Thu Apr 24, 2008 3:39 am |
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They can't garnish your disability check, BUT if they get a judgement against you they can freeze your bank account until you prove that it is from disability. Have your Check sent to a PO Box.
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| Posted: Thu Apr 24, 2008 1:56 pm |
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Oh I own nothing and have no bank account. What I want to do is seeing as they filed in court if I declare bankruptcy, does it get thrown out of court?
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| Posted: Thu Apr 24, 2008 4:50 pm |
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It will likely be dismissed or a judgement will be granted then dismissed though bankrupcy.
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FYI
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| Posted: Thu Apr 24, 2008 5:45 pm |
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A lawsuit would likely get discharged in a bankruptcy, unless they have a valid reason to object.
But if you're judgment-proof, why pay all that money to go bankrupt?
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| Posted: Thu Apr 24, 2008 6:16 pm |
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Well I was told that a judgment was good for 20 years and I do plan on going back to work in a few years or less. They can get a judgment on me they just can't collect. If I go back to work, they can start to collect on it. Thats the only reason why I thought of bankruptcy, my credit is crap now anyway so I will just start off fresh.
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| Posted: Fri Apr 25, 2008 7:05 am |
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Judgments can renewed indefinitely. If you have small amounts of credit card debt, it is unlikely they will sue you.
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| Posted: Fri Apr 25, 2008 9:13 am |
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edited by FYI. Don't pay this post or poster any attention
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