probably days away from a default judgment - now what?

[tacomeat]

Unless you have questionable transfers to insiders you're trying to age off, i'd say you've waited plenty long enough. Might want to file to keep the judgment off your credit report, I think they are sort of a black mark. Not that I care very much about credit reports, but you might as well get as much benefit from the fresh start as possible and that includes clean credit.

I've found that some creditors wipe the account history clean on your credit report when the account goes to IIB status , Discover for example, while most others to not.

I probably would have considered filing sooner if I had known that.

questionable transfers to insiders? not sure what you mean there.

i think my charging activity last year might look a little suspect since i made a number of charges in the $100-$300 range over a 4 month period and across all of my credit cards to the tune of about $25,000. i dont know if i'd ever have to explain what they are specifically unless someone (trustee and/or creditor) actually objects but my reasoning was that since one of my cards at the time was closed without warning, i was afraid i might lose access to all of that credit - so i started using it and stocking up on things i would need (so instead of "living off my credit cards" as expenses were needed, i just went out and bought everything i might need for the next 6 months to a year to ensure the credit that was previously extended to me wasnt surreptitiously taken away - since by that point i was sort of counting on it to survive). so, i figure the only hope i have of getting most or all of those charges discharged is to put some time in between them and my bk filing. and i guess the other issue is that i basically stopped making my credit card payments about 2 months after my last charge. had i known of the adverse implications at the time, i probably would have at least made a few more payments - but again, i was just in survival mode trying to hang on to what little i had at the time.

and why would a judgment on my credit report be any worse than a bankruptcy? that doesnt make sense since a bk is going to ruin my credit for a good 5 years or more (not that it isnt already in the tank now).

[catleg]

Unless you have questionable transfers to insiders you're trying to age off, i'd say you've waited plenty long enough. Might want to file to keep the judgment off your credit report, I think they are sort of a black mark. Not that I care very much about credit reports, but you might as well get as much benefit from the fresh start as possible and that includes clean credit.

I've found that some creditors wipe the account history clean on your credit report when the account goes to IIB status , Discover for example, while most others to not.

I probably would have considered filing sooner if I had known that.

[tacomeat]

im in colorado. no clue on how backed up things are.

but yeah, day by day im not too worried, its just that i really dont fully know what to expect. but if its essentially just a judgment worth the paper its written on, then im not in any different place i was before - holding a small amount of assets that seem to be exempt.

im only waiting to file bk to surpass the one year mark from my last charge. its probably arbitrary and meaningless to do, but its probably the only thing i can do that i have control over to even pretend like im making an important decision on this matter that could impact the outcome, lol (i really crack myself up sometimes).

[tay666]

What state are you in, and any idea how backed up the local courts are?
Here in NE Ohio, it took almost 4 months just to get the default judgement in one of the cases because the court was so backlogged, and it took so long for the creditor to file the final papers to accept the judgement.

[catleg]

It normally moves slower than you think. Their main hope is a wage garnishment, followed by bank account levy. If they can't do those 2 things they're really not much better off with a judgment than without. They might get a better price when they go to sell it to a JDB.

[ryan]

I would just make sure bank accts are closed or have only money in them you are prepared to lose.

[frogger]

so, what happens now? and whats the time frame for whatever happens.

That really depends. You won't know what they're going to do until they start to do it.

Don't worry about anything until it happens. You're filing soon anyway, so it's no big deal.

If something happens, come back and we'll talk about it.

[tacomeat]

since im not going to answer they complaint, i imagine the default judgment is days away.

my goal is to file bk in approx 2 months.


so, what happens now? and whats the time frame for whatever happens.

do i have to be notified of what they are doing? i presume they will seek out my wage info (none), bank account info (under $50), IRA info (exempted), and other asset info. what if i have $1000 in my wallet for example, how can they find out i have that and then take part of it?

is it a certainty that in the next few weeks i will get "interrogatories" delivered to my door to answer? (and will i have to pay to answer those too??)


as ive said in previous posts, my only sizable assets are my small IRA and about $3000-ish in positive equity in my car (state bk exemption for car is $5000) for which I still have a loan and am current on. plus of course, some cash on hand that i will use for final expenses and attorney fees before filing bk.

thx