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?
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.
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.
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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Last Updated on: Fri, 8 Jun 2018