Should I even file?

[needBKhelp29]

I was talking with a friend the other day about filing for Ch. 7. She said she spoke with a BK attorney friend of hers who wondered why I would even file since I'm "judgment proof." It's true - I don't have any assets and the CC hasn't tried to garnish my wages in the 3+ years since they've had a judgment against me. But I'm not sure that just letting the debt accumulate interest and not filing is the best idea. It'll be off my credit report in 7 years and the BK stays on for 10, but I don't see the point of prolonging the inevitable since I'll probably have to file at some point if I want to buy property (there's a judgment lien) or my assets change somehow. I'm in CA, so the judgment can be renewed for up to 20 years.

Any insight about why this BK attorney would advise to not file? Am I missing something?

[justbroke]

Any insight about why this BK attorney would advise to not file? Am I missing something?

I am of the opinion that strategically, if you can file Chapter 7 and have a plan for rebuilding... then do it.

While you may be judgment proof today... what about 1 year from now? What about 3 years from now? What about 5 years from now? What about 20 years from now?

Chapter 7 will discharge your current debts and you will not have to look over your shoulder wondering if that judgment filed will ever be "cashed in".

As in all things, Bankruptcy is a technical procedure to cure an issue. It's a tool and if it's used properly, can really get you back on your feet, without having to look behind you at every turn.

My personal opinion is that if you're prepared to accept judgments against you, then you should already be prepared for Bankruptcy as well.

[floridian]

im in the same boat, but i couldnt deal with the debt collectors....let the lawyer take the heat and get on with it..