Question about judgments

[kl030505]

We have a judgment against us from Chase - they won. We will be filing Ch 7 in a week or so. Will this debt be discharged too (assuming we get a discharge?) Does anything change since they sued and won?

[FreshLikeADaisy]

KL, the debt will be discharged, but then you have to take your discharge papers down to the courthouse where the judgement is filed and make a Motion to Vacate in order to get the actual judgement off your record. That last part is actually optional, though: the debt itself is discharged in Ch7, judgement or no judgement, and having the actual judgement vacated is more a formality. Make sure you list it properly in your schedules as well as on the Stmt of Financial Affairs (Form 7).

[FU2MI]

Thanks for the OP and reply...was looking for this information.

Does this apply to unsecured (credit cards that we not paid) and secure debt (mortgages, if they were to persue a deficiency judgement after foreclosure)?

thanks!

[soleprop]

FLAD, great reply! I would have forgotten to do the Motion to Vacate. Thanks!!

[PoorGrammyinBK7]

KL, the debt will be discharged, but then you have to take your discharge papers down to the courthouse where the judgement is filed and make a Motion to Vacate in order to get the actual judgement off your record. That last part is actually optional, though: the debt itself is discharged in Ch7, judgement or no judgement, and having the actual judgement vacated is more a formality. Make sure you list it properly in your schedules as well as on the Stmt of Financial Affairs (Form 7).

Hey Fresh,

We had one too - do you know if there is a time limit to vacate the judgment and what about the credit report - will it stay on if you vacate it or will it be erased? And, here's one more thing - do you know how much it costs to vacate a judgment? Thanks!!!!