BANKRUPTCY, SHOULD I??

Discussion in 'Credit Talk' started by Arthur, May 2, 2000.

  1. Arthur

    Arthur Guest

    Here is my situation, I recently learned that A creditor can renew a judgement indefinetly, even after it falls off the credit report, I had 9 judgements passed against me in 1995, never paid any of them, the amounts varied, from $300, to 5000 (2500 for FUSA, and 5000 for BENEFICIAL,) the rest were small amounts, for dept. stores and such, I never filed BK, but have since reestablished some good credit, I have a providian card w/ a 3000 limit, and an associates card, and a sterling bank and trust card as well. Would it be in my best interest to file bankruptcy on the judgements, so as I never have to worry about them again, or should I forget about it, they fall off my credit report in 2 years, but they can be collected on at any time, and I am worried. Beneficial garnished my wages in 95 until I quit and they never found me again....please give advice...and can I mistakenly omit the providian card if i do a BK? I'd like to keep it, especially if I do a BK...please help......
     
  2. Stan

    Stan Guest

    You mean the creditors actually went to court? For such piddly amounts? The lawyer alone would cost $400 an hour and would have to fly to file a suit in your area. Am I hearing you right?
     
  3. Arthur

    Arthur Guest

    YES, SOME OF THE CREDITORS GOT A JUDGEMENT FOR $337..THAT IS THE LOWEST AMOUNT, BUT THE MAX ONE IS 5595 FROM BENEFICIAL....4 years have passed, should I forget about them, or file bk?
     
  4. Stan

    Stan Guest

    If you are under 35 do not file for bankruptcy and instead work on paying down the debt or contact the individual creditors by phone (since whatever you say is not legally enforceable) and say "look, i don't have a lot of money but I want to work with you. If you agree to accept $2,000 of this $4000 and totally delete your judgmenet from my credit file I'll pay you - otherwise, I may consider bankruptcy. If you agree, please put in writing the terms of this settlement). If you think you will get all emotional on the phone, get a friend to pose as you while you stand by. Now, if you are over 35 you likely have your basics and don't really need access to credit, so go ahead and file bankruptcy. Providian will wind up giving you a $5,000 credit line anyway should you want a credit card after the bankruptcy.
     

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