Judgments are usually enforceable for a considerable time period, and it might affect you consequently if your situation improves.

Do I need to file bankruptcy, if I have got no income and only the bare minimal assets? Or should I just wait for the debts to be erased and ignore it altogether?

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If you don’t have assets or job at present, it doesn’t mean you’re not going to have it ever. Judgments are usually enforceable for a considerable time period, and it might affect you consequently if your situation improves. I would recommend filing for a bankruptcy now, than to do it later. You may not qualify then. Consult an attorney and seek necessary guidance asap.

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Being completely judgment proof is an achievement in itself. You never know what you might end up losing. I would recommend that you consult with a bankruptcy attorney to evaluate your situation.

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See, if you have got no assets that the creditors can attempt to collect from you with a help of a court judgment, then you may not need to file for bankruptcy. However, being judgment proof doesn’t mean that the creditors will stop harassing you.


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