Have judgments -- BK necessary now?

[cranford]

Here is my post from another thread:
I talked to some debt settlement companies who were referred to me indirectly through this forum. All of them said I need a BK atty, because I already have several judgments against me and one current garnishment. Anyone agree or disagree?

Here is Trish's response:
If you are considering BK, then yes you would need to consult with a BK atty.
If do not wish to file for bankruptcy, then you need to look at your judgments/debts and work out a plan for paying those off or disputing them......depending on the circumstances.
If you would like some more info, look through the BK section and also the Public Records section. That may help answer some of your questions.

Thank you, Trish. Anyone else have a comment about this situation?

[Trish]

What are the details of your judgments? (how many, how much, how old, were you served properly...)

[Trish]

p.s......I thought I had some information here somewhere about filing for bk (explaining the process, pros & cons).... but it could have been on another forum...:huh:.......I have slept since then.. :p

If I can find it, I will be sure to post it for you.

[cranford]

Originally Posted by Trish

What are the details of your judgments? (how many, how much, how old, were you served properly...)

I enlisted a debt settlement company named Provanta about 5 years ago. Had perfect credit but too much of it. Had to destroy my credit to get the creditors to deal w/ Provanta. About 4 or 5 of the creditors were unimpressed and sued me (served properly). I dropped out of Provanta and planned to do a BK but then someone talked me out of it. The 4 or 5 judgments ranged from $4K to $10K and are 2 to 4 years old. I closed two bank accounts and left one employer but now they have found my wife's employer and just started her 25% garnishment. I am not too popular at home now!

[Trish]

Hmm.....I guess it would come down to if you are able or can afford to pay off these judgments.

Since they can garnish your wages (assuming that's allow in your state) you should try to make payment arrangements with them. If you let each company know that you have other judgments you are having to pay on along with your current living expenses and bills, they may not expect the maximum pmt.

Usually if you contact them, they will want a breakdown of your household wages and budget to see how much you can afford. You may be able to talk them all down to a reasonable amount. You can always try this first.....and also you may want to let them know you are considering BK but want to see if there is some way to avoid that first.

In the meantime, just so you know what you're up against.....you might want to contact a BK atty and discuss your situation. He may be able to give you some sound advice and tell you if BK would benefit you.

It's a very hard decision to make but sometimes it's what you have to do to survive. You just really need to weigh out your options and see what will work best for you and your wife.

Hope that helps to answer some of your questions....