Which is worse...BK or judgement(s)?

[stressed]

Hi,

Out of the two what is worse, a BK (chapter 7 is what I'd have to do.) or a Judgement (that is NEVER taken care of.Due to no assets and/or income)?

Is there an advantage to one over the other?

Thanks for your help!
Stressed

[ghacorp]

If the judgment expires then probably the judgment in time will heal itself. In most states, judgments are indefinate so you would have to resolve it some way. If it is for a large amount, a bk may get you on your feet faster with new credit. Both circumstances are a negative.

[kb9tbq]

Well, depending on which bankruptcy you go with.

Chapter 13 is 7 years reporting w/ condition to pay a bit back, just like a judgment lasts 7 years. So you get a bit of a break on the bills but I heard that Chapter 13 is hard to accomplish - you are taxed to your means to get by.

Chapter 7 will leave you without any debt, but reports for 10 years,

If you want a mortgage; lenders don't want judgments on you credit report - that can put lein on the house, required to be paid,

Most can get a mortgage 2 years out of bankruptcy and having established in the 2 years good tradelines (accounts again to continue on).