Bankruptcy Law Questions? Ask a Bankruptcy Lawyer Now.
Yes, you can file bankruptcy after any judgment, including credit card judgments.
Yes, you have to fully disclose all of your property and assets if you file bankruptcy.
Bankruptcy is worse because it stays on your credit report for 7-10 years, while judgments will usually stay on there for 3-7 years. Either is not good. However, if you don't file bankruptcy, the creditors will begin to try and garnish your wages, freeze bank accounts, etc. This may be enough harassment to force you to file.
They can't stay on forever - they can be renewed one time after the initial judgment time has lapsed.
You will be required to list all of your assets. If you don't do so, you can be charged with perjury and actually jailed! Thus, it is not a good idea to try to conceal anything - because the trustee will likely find out.
DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.
The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).