Bankruptcy filling takes care of prior judgments?

[jo23171]

If I already have a judgment against me by a credit card or collection company. Would a BK filing take care of that judgment?

[justbroke]

The short answer is yes. Do you know what type(s) of lien(s) they have gone fore? Most companies won't waste their time (and money) on judgments unless you have assets to attach!

I'd go get a copy of the judgment, and then determine what lien(s) they have obtained. If you're in a wage garnishment State, watch out for that too!

But, Bankruptcy will cure them. If you're in a lawyer filed case, then the lawyer may charge extra to file Motions to Avoid Judgment Liens.

if you file ore are filing pro se, you have extra work to do. Judgment Liens don't disappear by themselves. Generally, they must impair an exemption you have on property.

[jo23171]

I don't have a judgment against me yet. I am thinking about of just stop paying one of my CC and staying current on the rest of them. That way I can avoid bankruptcy for now, I'll consider in a few months, don't want to panic and do the wrong thing now.
The CC I want to stop paying is BofA for $72k. I doubt they will not try to sue me for it, it is just a lot of money. I have nothing under my name so I'm not worried about that.
I'm in California, don't know if there is wage garnishment here.

I heard a judgment gets dropped from your records after 10 years. Anyone knows about that?

[justbroke]

I don't have a judgment against me yet. I am thinking about of just stop paying one of my CC and staying current on the rest of them. That way I can avoid bankruptcy for now, I'll consider in a few months, don't want to panic and do the wrong thing now.
The CC I want to stop paying is BofA for $72k. I doubt they will not try to sue me for it, it is just a lot of money. I have nothing under my name so I'm not worried about that.
I'm in California, don't know if there is wage garnishment here.

I heard a judgment gets dropped from your records after 10 years. Anyone knows about that?

You need Bankruptcy planning. If you know this is going to happen, then just stop paying.

When they finally "serve" you with papers, answer the summons (to cause a delay of 1-3 months), and immediately file Bankruptcy. That will stop the lawsuit and any judgment before it happens!

Timing is everything!

[parsoc48]

am thinking about of just stop paying one of my CC and staying current on the rest of them

.

You would be jeopordizing your other cc by failing to pay BoA.....your interest rates will skyrocket, your limits might get lowered, and your cards could be canceled....read your original agreements....they can get very nasty!