It's official--I declare bankruptcy!

[bcohen]

I just filed today, and got my case #. I expect this to be a "no-asset" Chapter 7. Any advice, or pointers as to what I should do next, especially with regard to a judgment?

[Floridagail]

Congrats, It is not so bad . I felt great relief. My only judgment showed up as satisfied right after discharge came thru.

[TRfromillino]

Excellent! First step out of the way! It will go well!

[frogger]

Kick back and drink a cold one...........

[justbroke]

Congratulations!

As for the judgment, I'm assuming that the creditor already has a judgment? You could file a Suggestion of Bankruptcy with the other court and see if it goes away. A scheduled but unrecorded judgment should be discharged just as a matter of due course (standard bankruptcy discharge). If it's a judgement lien, you may have a little more work.

Best of luck to you!

[pamkev]

Yep Frogger has it right

[bcohen]

No lien exists, because I don't have any real estate titled in my name--I rent an apartment. Gurstel Chargo attempted to levy my checking account with a whopping $61.00 in it. Needless to say, they didn't receive a penny, and I'm very happy about that! I had already stopped using the bank account once the judgment hit, just in case this would happen.

I am mostly concerned with getting this judgment OFF my credit reports, before I graduate from college this December. Prospective employers in my field have made it very clear that there cannot be any open judgments or collections/charge-offs in order to be considered.

[doni49]

Prospective employers in my field have made it very clear that there cannot be any open judgments or collections/charge-offs in order to be considered.

As the debt will be discharged, it should show as a SATISFIED judgement. I think the employers just want to know that they're not going to have to deal with garnishments.

[justbroke]

No lien exists, because I don't have any real estate titled in my name--I rent an apartment. Gurstel Chargo attempted to levy my checking account with a whopping $61.00 in it. Needless to say, they didn't receive a penny, and I'm very happy about that! I had already stopped using the bank account once the judgment hit, just in case this would happen.

The fact that they attempted to levy your account, means that this has probably been recorded. You do not need to own any property for a judgment to be a judgment lien. In this case, you must be careful because a judgment lien is not a "point in time". It could attach to future acquired property..

I am mostly concerned with getting this judgment OFF my credit reports, before I graduate from college this December. Prospective employers in my field have made it very clear that there cannot be any open judgments or collections/charge-offs in order to be considered.

While possible, it is also probable that the judgment will not come off your credit report. It is accurate. Whether you can get it removed is probably a 50-50 proposition.

I hope that you do everything necessary to have the judgment avoided. There is a process inside bankruptcy to avoid judgment liens when they impair your exemptions. (11 USC 522(f).)

(Note: in some States, a judgment creditor does not need to record the judgment to create a judgment lien. Also, a judgment lien "could" extend to personal property.)

[bcohen]

In this state, a judgment can only become a lien against real estate, and I have none. I don't plan on buying any for the foreseeable future, and in this state, a judgment is only enforceable for 5 years, and can only be renewed once, though they should not be able to renew once the debt has been discharged.

What I am concerned about is getting the judgment off my credit reports, or if that is not possible, for it to say "satisfied" and $0 balance owed.

[Pjmax]

As Justbroke said, you have a 50/50 chance of having it removed. It should auto update to 'satisfied' after BK. If it does not, you may have to put in some effort with the CRAs to update in. There are procedures and rules, different in each state, to file for Motion to Dismiss or Vacate. Check with your attorney on this, he might file the motion for you, at an additional cost probably. Ask about it, but wait until after discharge. I would ask the attorneys who brought the judgement if they will file for dismissal. That's the easiest and free for you. I had one judgement. I received a signed order of dismissal about a month after filing BK, I didn't even have to ask. It took about two months to get it off my CR, had to fax a copy of the order to one of them, I think it was Equifax.
Again, as I'm sure you know, the rules are different in each state, and this is how it worked for me.

[justbroke]

What I am concerned about is getting the judgment off my credit reports, or if that is not possible, for it to say "satisfied" and $0 balance owed.

That is the least thing which should happen. It should be updated by the creditor once they receive notice of the bankruptcy. I am glad that you're in a State where the judgment can't attach to a homestead (I think it's only homesteaded property) -- in Florida, we enjoy the unlimited homestead exemption protecting our real property.

I would not give up. I would still try to get the entire entry removed! With some luck, just disputing it may make it go away!

[olso81]

Congrats!!!