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I have judgements from various credit card companies and previous landlord from my old business(They were more than 3years now.). If I don't file a chapter 7 what will happen in my credit? Is there any ways that I can just wait till it gets clean or from my credit report?
Thank you in advance.
Hi Markk
If you have judgments you must be paying on those debts - aren't you? So, can you tell us more about what happened? Why do you want to file for bankruptcy? Even if you file, you may not be qualified for Chapter 7 and may be referred to Chapter 13. Here you will, in any case, have to pay off your debts. You can wait till the SOL expires but that wouldn't be a wise thing to do because in the meantime you may be sued further. The only way to get a clean credit card would be to pay off your debts. Maybe you could seek loan modification. But before that seek help from an experienced attorney who can guide you well in this matter.
Thank you Carol.
I used to own a business in california and invested some of capital using credit cards. We also owned 4 houses which were eventually foreclosed because of bad economy. I and my wife had debt of more than $200k from credit cards, and I noticed some of them had judgements and some were charged off. Since I couldn't keep my lease, previous landlord also sued me for $140k (about 3 years left on my lease). It's been 3 years, and I am debating whether we should file bankruptcy.
I asked a bankruptcy lawyer about 2 years ago, and he told me we would need to do a means test(?) in order to file a bankruptcy. He also told me he would need to charge about 4k because our case was so complicated.
If you have any advice on this, I would appreciate it.
Thank you again.
Filing bankruptcy isn't cheep and it must depend on the state you live in as well. I would check to see if you can find one that is cheaper. If not that is still a lot less than you owe. I believe a means test is your ability to pay back what you owe. Like can you sell one of the houses to pay the debt. Since they have been foreclosed on the answer is no. I don't know your income but from what you have listed above I believe you should qualify to file. If you wait for the bad accounts to fall off you have another seven years and can be sued in that amount of time to pay the debt. So if you don't have the means to pay the debt I believe I would file for bankruptcy.