Yes, that's why I say it's a tough decision.
Judgments are NOT fun (that I do have experience with unfortunately)......
I fought tooth and nail on an old repo lawsuit that should have been considered out of SOL. Judge didn't care.....and I (being very ignorant to the court system) did not follow protocol correctly......so basically we lost on technicalities. It was an 8K debt and we now have to pay $450/mo to them.
That's a lot.
So yes, that is what you would look forward to if you were to get sued and lose.
A BK can make it very difficult to get any loans, lines of credit or credit cards.
Not sure for how long........but I know it will make like tough for a while.
Have you, by any chance, looked through the BK forum at CB? I hate to refer you to another site but they do have a lot of good info on BK over there. I do know (by reading) that some people have had to wait 2-3 years before they are able to apply for a mortgage loan. For an auto loan, there are companies out there that will take you with a BK on your record.......but your interest rates will be higher.
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