Removing a Judgement

[brokenomore]

Is it possible that making a plea to a creditor to remove a judgement will have any effect? If they can see the impossibility of getting any payment, would they be at all likely to write it off? Or do they patiently wait hoping for some kind of financial reversal?

Is there any way to remove a judgement short of bankruptcy?

[frogger]

There is no reason for a creditor to remove a judgment. While it may be impossible to get a payment today, judgments are good for years. People and their financial situations change.....

It doesn't hurt to ask, but don't be disappointed if the answer is no.

[SunshineGal]

After a creditor has spent the money to obtain a judgment, getting them to release it is going to be next to impossible. They may be willing to settle, but you would have to come up with some cash.

[treehugger1]

And, just because you might work something out with the creditor to satisfy the judgment, the judgment will still remain on your credit report for seven years. A judgement is a public record.

[catleg]

And I'll just add, having 'JUDGMENT SATISFIED' on your credit report (meaning you paid of off) is no better than simply having a 'JUDGMENT' on your credit report. After you've moved a couple of times you're better off just disputing it with the credit bureau. They will probably be unable to verify. Especially if you can get the address associated with the judgment off your credit report. Cause there is no SSN or DOB associated with a judgment to link it to you.

[GoingDown]

No matter what kind of deal you make with a judgment creditor, the judgment will remain on your credit report for 7 years. And it will remain a public record for your local court system for many years, even if it is past its statute of limitations and not renewed.

Typically the only deal a judgment creditor is going to make with you is to settle for a lesser amount than what is owed on the debt. Make sure you get a settlement agreement in writing from the judgment creditor saying that they will file a satisfaction of judgment with the court after you pay the agreed upon amount. Otherwise, they can sell it, or keep coming after you for the remainder of the judgment until it expires.

If you file bankruptcy and the underlying debt is discharged, then you can go back to court and have the judgment vacated.