Judgements on Credit Report?

[M0M2TWOBOYS]

Hello! Thanks for taking the time to read this, any insight will be appreciated!

I was in an uninsured car accident 7 years ago(HUGE mistake that I learned from long ago), and the company suing me has finally won their judgement. Now they are requesting an abstract of judgement(I keep up with the case on the court's website), but it has yet to show up on my credit report.

About how long does a judgement take to show up on a credit report? Obviously I need to file bankruptcy, but my biggest concern now is them taking my paid off '99 Accord as an asset.

Thanks!

 

[seniorjudge]

You need to speak with a bankruptcy attorney.

 

[M0M2TWOBOYS]

You need to speak with a bankruptcy attorney.

Yes, I know this but wouldn't I need to wait until the judgement shows up BEFORE I file bankruptcy?

It's very strange too, this judgement was ruled 3 months ago but there is nothing on my credit report about it. I was just wondering how long it usually takes to show up....

THANKS!

 

[crismld]

Yes. In some instances your paid off vehicle could be seized. The purpose of bankruptsy, is to discharge debts and wipe your slate clean. Bankruptsy will affect your ability for 10 years, to apply for loans, credit cards, rent or purchase a home. Expect to pay higher interest rates on everything. You can't pick and choose what debts you wish to discharge. You can't decide to declare just credit card accts or just a personal debt etc. Generally, the rules are all or nothing. You may also be asked by the creditor to provide proof you in fact are bankrupt. Certain types of judgements are exempt from bankruptsy. Normally, judgements will appear on your credit report with in about 3-4 months after your case is finalized. It depends on how quickly the creditor reports the judgement to the credit bureaus. You need to seek a qualified lawyer and present your questions or concerns to he/she.

 

[seniorjudge]

Yes, I know this but wouldn't I need to wait until the judgement shows up BEFORE I file bankruptcy?

It's very strange too, this judgement was ruled 3 months ago but there is nothing on my credit report about it. I was just wondering how long it usually takes to show up....

THANKS!

As I said, talk to a bankruptcy attorney.