Expert: Terry Leeders - 10/11/2008

Question
Hello,

I have a judgement pending against me for a little over 3000.00. I don't have much money and I also have 4 kids. Now what is the smart thing to do here? File for bankruptcy or have the judgement go against me and how will this affect my credit?

Thanks,
Nancy

Answer
Filing bankruptcy also involves a budget review, asset review etc. so I cannot give you a quick answer.  If it is a collection judgment, yes the bankruptcy would discharge the debt.  You should be able to bounce back after filing, and should be able to start getting credit soon after the discharge of the case.  Speak to a local bankruptcy lawyer to review your case, most offer free consultations, as I do here in Chicago, Illinois.