bankruptcy judgment lien
Is Bankruptcy (ch7) better than a Judgement?
1. I know that a lien can have an interest rate assigned to it. Can a judgment also have an interest rate, even if the debtor does not own real property? What is the typical interest rate?
2. Would 11 judgments or liens be better than Chapter 7 bankruptcy?
3. Bankruptcy is removed after 7 or 10 years. Are liens permanently removed after they are paid?
4. What effect does bankruptcy have on your insurance (health, auto, home, mortgage, etc)?
Is BK7 better then a judgment? You mean on your credit report, right?
A judgment is a big bomb and does a lot of damage to your reports. A Bankruptcy is like a Nuclear Bomb….total destruction. So yes, a BK7 is something you would want to avoid on your credit report.
But several judgments and leans will do as much (and more) damage your reports. It will already be destroyed, so a bankruptcy will certainly not do any further harm. It will get the judgments off your back so they can’t garnish your wages and bank accounts, and they can’t take your property. So in this case a BK7 is better.
Liens will come after after paid…..tax liens stay on for several years after they are paid.
And yes, insurance companies do use credit scores when considering insurance premiums…..but many states are trying to pass laws to outlaw this practice. If we can just get our lawmakers to look beyond the insurance company lobbyist and do their jobs, it would get done.
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