CC lawsuits/judgements

[sidhesadie]

Regarding lawsuits and subsequent judgements from CC companies, when they are discharged in the Ch 7, is there any disadvantage to having them on the credit report compared to not?

Basically, if you have a Ch 7 and no judgements prior to the bk, is that 'better' than a Ch 7 with judgements prior? Or is it 6 of one, 1/2 dozen of the other since it is all discharged with the BK?

I read something somewhere about it being bad if there are judgements since they still show on your report after the bk, just as IIB...but it seems to me that the BK is like the nuclear bomb on your credit report that sort of renders things like late pays and judgements less relevant, so long as they are all PRIOR to bk.

thoughts?

[wnguyen]

I personally think having no judgment prior to BK is still 'better' than having one or some. From what I understand, BK makes judgments inactive so the creditors can't take actions to garnish your wages or attach a lien on your properties. BK doesn't remove judgments from your records though. In order to remove them, you would have to hire a lawyer in this area.

[SunshineGal]

From a credit report standpoint I really don't think it matters. However, you will need to have it vacated after the discharge or the lien could come back to haunt you when you try to buy/sell or refi a property.

[tcreegan]

judgement & credit report

Hi sidhesadie,

My experience has been that a judgement makes a serious dent in your credit score. The BK does not remove them.

Ask the clerk of the court where the judgement was awarded what the procedure is to vacate the judgement. Get the judgement vacated.

Then, write the big 3 credit reporting agencies and ask them to remove it from your record. Not notate it 'included in BK' or anything else. Remove it. Be persistent, use written letters. Did I mention be persistent?

For rebuilding credit, removing judgements needs to be a high priority.

My 2 cents, probably what it is worth....

Tom in Colo

[ryan]

Ask the clerk of the court where the judgement was awarded what the procedure is to vacate the judgement. Get the judgement vacated.

Then, write the big 3 credit reporting agencies and ask them to remove it from your record. Not notate it 'included in BK' or anything else. Remove it. Be persistent, use written letters. Tom in Colo

This sounds like good advice...I read somewhere you do not have to have a lawyer to get the judgment removed, but there are documents that must be filed with the courts (maybe fees as well?)...

I'm thinking that if you got the judgments removed thru the court and IF you got credit reporting agencies to remove from your record, it would be only a BK showing and should be less punishing to credit, yes?

[Freddy03]

If the judgment is recent it may not be on your credit report just yet. Mine does not show up b/c we haven't figured out the payback. Well I have figured out the payback....lol

I'm hoping to file before it shows up on my credit report.