What looks worse to a potential employer or any lender in the future for that matter....a CH13 or a judgement...or many judgements?
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Many judgments will look worse. It will show that you are not taking care of the problem. I think a Ch 13 will look somewhat better. You are dealing with it and paying back your debt. -
I think this is UNKOWN! I have a colleague who has many judgments and their credit doesn't appear to be all that bad. In addition, while judgments can be recorded for 20 - 30 years, I believe there are legal methods for vacating judgments should one file a BK 13. You need to do your own research in this case. I doubt there are any guarantees in any case. I think the future will not be so much about your "credit score," as it will be about the amount you can put down on initial purchase and your employment status. Your credit score seems to be tied to your "wiilingness" to pay, not you ability to pay.
This appears to be part of teh current issue of "credit." There are lots of folks who have great credit, but they do not have the income to support further/future credit. The banks are finally GETTING IT. The government cannot force banks to lend money, and they cannot force consumers to borrow money, no matter the low interest rates.
So, I would suggest that it is a tossup in terms of BK 13 or judgments. "Credit" in the future will be determined under a newer model.
JMHOComment
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