Need Help Asap!!!

[Twiztedkonceptz]

My main question is.....I have judgements on my credit right now that are the sole responsibility of the business I own, but they are listed on my credit report, I have already disputed the judgements with the credit bureaus and with the courts. How much are these actually affecting my credit???? Should I file bankruptcy due to these? The total of all of them is around 20k, but other then them I only have about 2500.00 on my actual credit. Which 75% of it isnt mine and I am taking the C.A. that are listed on their to court because they are breaking several fcra laws and cannot validate the debts completely. I really dont want to file bankruptcy unless I really have to, but I also need to buy a car soon! I will have the other stuff taken care of within the next month or so, and then I planned on buying a car at that time. Are the public records going to keep me from being able to do that or should I just file bankruptcy and wipe my record clean?? I would really appreciate any help or insight on this! thank you so much!!

Nick

[FilingOnMyOwn]

If you incorporated your business and obtained credit under your business name, it should not be on your personal credit. It sounds like you obtained credit in your name, for your business, which you are personally liable for. If this is true than bankruptcy may be the only way to rid yourself if you cannot pay your bills. But I wouldn't do this just so you can buy a car. The process takes months, and you can't just go and buy a car on new credit before its discharged and showing on your credit reports.

[Twiztedkonceptz]

The judgements werent from creditors, they were from a couple of my old customers, and i had no idea about the judgements. I didnt even know that there were court hearings or anything....

[FilingOnMyOwn]

Well something isn't right here then. In order for you to be sued and a judgement entered, you have to be served the papers notifying you of the proceedings. Unless they sued in small claims or something like that.

[Twiztedkonceptz]

it was in small claims...didnt know there was a difference, sorry...how bad is it going to hurt my credit, even though its against the business? i have been told not to pay it for now because if i start paying it, it will reaffirm the debt as being mine and update on my credit report

[FilingOnMyOwn]

Correct, don't pay anything. If you were not notified of the court dates or anything period, I would dispute the claims themselves with the court or whoever entered them. You may need the help of an attorney to get this fixed. If you can rid yourself of the debt without filing bankruptcy than that is the optimal solution here.

[Twiztedkonceptz]

I spoke with a credit repair place and they told me that they can get them removed, but everyone has told me that I can do everything that they can do. I dont know what else to do....im just wondering if a bankruptcy would actually help me at this point...my credit cant get much worse i dont think, with my scores being in the high 400's

[FilingOnMyOwn]

They're right dont' bother with the credit repair. Talk to an attorney about all of this.

[Twiztedkonceptz]

What kind of attorney do I go to...thanks for your help by the way...

[Twiztedkonceptz]

they are all different, there are 5 different judgements, but the main question I have now is, how much is it going to actually affect my credit score? I got a hold of an attorney today, and he said i can get most of them removed over time, but i was wondering how much its actually going to hurt my score until then.

Nick

[SinkingFast]

We had one once on our credit history. It was a reporting error, but it hurt none the less.

The Judgement was for $1000 and got entered by a CRA sometime between the time we bought our house and was trying to finance a car. Not a huge car loan either.

When the lender guy saw the Judgement he called immediately to ask us about it. The bank wasn't gonna loan us $6K to buy a truck with a $1K Judgement on our history.

The guy at the bank called because thought the reporting might be an error. We'd bought a house a couple years before with no problems. The Judgement was dated from before we bought the house. The lender rep fig'd we wouldn't have gotten a home loan if the Judgement had been on our CR's then. So he gave us a heads up. We were able to get it all explained and removed rather quickly.

Judgements may not affect your overall score. I don't know about that. But Lenders won't loan money to you if you have Judgements in your credit history.

[GoingDown]

they are all different, there are 5 different judgements, but the main question I have now is, how much is it going to actually affect my credit score? I got a hold of an attorney today, and he said i can get most of them removed over time, but i was wondering how much its actually going to hurt my score until then.

Nick

The easiest way to find out for free is to go to Progressive Insurance's website, and pretend that you are going to buy a car insurance policy. Before you actually pay for it, they will tell you what your credit score currently is. Then just cancel the transaction before paying for it. If you already have judgments listed on your credit report, then they are already hurting your credit score.

Having them voided and then removed from your credit report will take the help of a lawyer. So don't waste any money on "credit repair", which is simply fraud. Use that money for a competent attorney in your area. If customers are filing lawsuits against you, then you definitely need the help of a lawyer to defend yourself. In the future, you should consider forming an LLC to prevent stuff like this from happening to you.

And since they already have judgments against you, you should immediately take all of the money out of your checking accounts, savings accounts, etc., because the judgment creditor can now seize them to pay off their judgments against you. And what's left over after they have been paid will be seized by your own bank to cover it's own attorney's fees, eventhough they will not lift a finger to protect your money from the creditor.

And P.S.-- you can still buy a car with bad credit. They just charge you higher interest, and a larger down payment.

[edwards2]

FYI you can file a case in small claims court up to $25K(in Tennessee).