I know I have asked this question before. I am just curious. If cc get judgements against me and the exemptions are the same as for a chapter 7 bankrupcy , is there an advantage. I had to scrimp to save for the retainer fee, and with hours being cut I have no idea how iam going to come up with $200 a month til June. Any words of wisdom to jarr my memory are greatly welcomed!
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There are no advantages to having a judgment against you. While you can normally discharge a judgment in bk, there is no reason to allow one if you can avoid it.All information contained in this post is for informational and amusement purposes only.
Bankruptcy is a process, not an event....... -
Sorry , what iam asking is are there any benefits of a chapter 7 vs judgements. Either way the exemptions are the same. I sincerely doubt with my husbands income still being counted at $85,000 that I can file. Lawyer said I passed means test, but I wonder how? I saved towards the retainer, and now suddenly he says we need it asap as our busy season is coming. If you pass the means test how often is a chapter 7 not really possible. Thanks again!Comment
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There is no advantage to having a judgment against you if you can avoid it. The creditor may not have an opportunity to collect on it but it is still a public record and not doing anything to help your situation.
If you have no choice but to delay your filing, you might consider letting your unsecured creditors know the next time they call that you have a "retained" bankruptcy attorney and will be filing bankruptcy soon. Sometimes this will delay or even prevent lawsuits. Even though they could, technically, get a judgment prior to your filing, the may decide it is a waste of their time since it will just be discharged in a couple months anyway. It is hard to know what a creditor will do for sure but most are not in the business of spending money to sue people just to prove a point. They are suing when they think they can collect.4/2010 - Filed Chapter 7 no asset case w/car reaffirm
5/2010 - 341 meeting, no creditors present
10/2010 - Reaffirm finally approved and case discharged the same dayComment
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The advantage of a Chap 7 is that the debt is discharged forever and the creditor can never come after you for payment. If they get a judgement and you don't file BK, you will have to deal with their collection efforts for years to come.LadyInTheRed is in the black!
Filed Chap 13 April 2010. Discharged May 2015.
$143,000 in debt discharged for $36,500, including attorneys fees. Money well spent!Comment
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