Posted on June 8, 2009 at 9:26 pm so i've fallen behind on a lot of my bills and i'm seriously considering bankruptcy as a way for every one of them to be taken care of, but can a bankruptcy stop a judgment

Posted on June 8, 2009 at 11:57 pm When a person has filed for bankruptcy and has received a judgment from a creditor, the judgment in question will be discharged. If you do decide to file for bankruptcy, you'll basically have nothing to worry about--in terms of paying back your creditor, that is. However, the judgment will remain on your county record, and it will be reported on your credit report as unreleased. In the event that you have assets that you would choose to sell someday, the judgment will pretty much make it harder for you to sell the property.

Posted on June 9, 2009 at 12:12 am If I were you hot stuff I'd veer away from the bankruptcy decision. Filing for bankruptcy would mean totally putting your credit health at risk. It takes ten years for a bankruptcy notation to stay on your credit report, and twenty years on your public records. Future creditors may think twice abt approving your application, too. But that's just me.How far behind are you? How much are your current debts? Have you other options aside from bankruptcy, anyway? If anything bankruptcy should be a last resort.

Posted on June 9, 2009 at 2:19 am In my understanding this is applicable for credit card debt, and once the bankruptcy case has been filed, the automatic stay is put in effect. The automatic stay grants you immunity from creditors who wish to collect your debts against them.

Posted on June 9, 2009 at 2:42 am I GOT THAT....... IS THERE ANY WAY FOR THE JUDGMENT TO BE REMOVED AT ALL???

Posted on June 9, 2009 at 3:00 am Well, yes, and you first need to make sure that the debt is actually discharged along with the bankruptcy. Basically it needs to be qualified for a discharge; otherwise you'd be wasting your time. There are instances, though, when creditors question certain debts that are up for discharge. In some instances the court leaves this in favor of the creditor, and when this happens, the judgment cannot be removed.You also need to make sure that the creditor would be included in the bankruptcy; in the event that it wasn't listed, the case would have to be reopened (another hassle for you), and the creditor's name would need to be included on the list.Also if the judgment was filed prior to the bankruptcy, the judgment must be removed thru the judgment removal process; if it was included after the case was filed, it is the creditor's responsibility to remove the judgment. And if a judgment was made against you after you filed for bankruptcy, on an existing debt prior to your bankruptcy filing, needs to be handled by your attorney. It is still your creditor's responsibility to remove the judgment if a situation like this occurs.

Posted on June 9, 2009 at 7:26 am The Fair Credit Reporting Act (FCRA) states that a judgment will remain on an individual's credit report for 7 years "from the date of entry or until the governing stautue of limitations has expired, whatever is longer." You may want to do some research on your state laws. In some places, a judgment can be renewed, at which point the judgment would stay on the person's credit report for an additional 7 years from the date of the renewal. Also- something else to keep in mind. A "paid" or "satisfied" judgment looks better on your credit report than an "unpaid" or "unsatisfied" judgment.

Posted on June 9, 2009 at 7:32 am I apologize for the double post, but the above statement is in regards to judgments in general, and does not address the issue of judgments and bankruptcy as Karess and Purple Cow have already discussed that in depth.