I have a judgement against me . It was in March 2004 for a credit card and a unsurcure loan. I am on disability and can not afford to pay it. . They have already repo a motorcycle that was in my name and belong to my daughter at the time she was under age. I just reeceive a letter stating if I didn't pay by Oct. 26th they were taking me back to court. Im in debt and have no extra money to pay them. Should I file bankrupcy and be done with it. I was going to ask if they would send me a 1099 for the amount and take it off my credit report . Do you have any advice for me?
Probably a bankruptcy is a viable option. It is going to be an issue of any assets you have. Technically your income is not subject to garnishment. A judgment can be renewed with a simple motion in most states. It is perfectly viable for this to happen.
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Generally all states have a law that provides a limitations period for the life of a judgment. Many time periods can be very long. Here in Florida it's 20 years. As noted above, however, most states also provide a mechanism for a creditor to essentially renew the judgment if it's done before the limitations period expires. It's fairly rare, but possible.
Judgments in Tennessee are good for 10 years and can be revived at their expiration. The only thing they would be taking you back to court for is to look for assets. If you get one of these supenoas you need to attend. As the previous reply stated you are judgement proof unless you own land. A bankruptcy would get them off your back.