Normally, it would, yes. That, or reduce it to pennies on the dollar.
A bankruptcy voids or minimizes debts, including judgments. Originally seen as the last resort option, this is becoming increasingly a choice for many Americans. Also, one's credit rating is hurt, but begins to rebound almost immediately. It is off one's credit history in about 7 years from the date of discharge. There are two types of bankruptcies for individuals - Chapters 7 and 13. You can see a comparison here
ASIDE from a bankruptcy, I am afraid that there is no other way to void a judgment.
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