BK verses Judgement

[stevieweavie]

One of my old partners is questioning if it matters to your credit, or possible future creditors if you wait to file while there are judgements piling up,
or to file before they happen.
He thinks that a BK in this day and age, as worse if you
have alot of outstanding Judgements. In my case I have no late payments
but I have a bank that will be forclosing on a property I had with a partner,
so they will be coming after me I am sure, as I stopped making payments
now (this bank is local, and had never reported at all to the Credit Bureau)
ALthough they might now. DOes it even matter at all?

[JRScott]

The more credits marks you have (late payments, repossessions, judgments, etc) prior to bankruptcy will adversely affect how quickly your credit can restore itself. A person keeping everything paid on time til the moment of filing generally can sometimes even have a higher credit score than before filing, while someone who has a long history of missed payments, charge offs and other negative remarks will gain little to no boost and may well even have their credit even lowered further by the bk.

If the partner is a cosigner they'll go after him unless he's bankrupted the debt beforehand.