Although I did tell you to worry about court judgments, you only need to worry about a court judgment if you own real estate, which may require that you have a lien removed by a separate court procedure in your Bankruptcy. Most court judgments can be removed in bankruptcy, even recent judgments. So don't worry about a court judgment in bankruptcy, but do be sure to list the court judgment, especially if you are facing a wage garnishment.
How Delinquent your Debt is.
Delinquent debts lowers your credit score, but is not anything to worry about in your bankruptcy.
How Large you Debt is.
Unlike real life, in bankruptcy, the more debt you have, the better. You should worry that you don't have enough debt to make filing bankruptcy worthwhile, not that you have too much debt..unless you are trying to file Chapter 13. Chapter 13 does limit the amount of debt you can have to just over $360,000 of unsecured debt and just over $1,000,000 in secured debt.
Efforts you have made to pay your debt.
How hard you have tried to avoid bankruptcy is completely irrelevant. Sometimes I get tired of hearing what someone has sacrificed to avoid the bankruptcy when it seems obvious that bankruptcy was always inevitable. It is frustrating to hear that someone has made a sacrifice for nothing. The Bankruptcy court only wants to look at your income during the past 6 months to decide whether you can realistically afford to pay as little as 25% of your debts. If you can afford to pay 25% of your debts over 36 to 60 months, you may have to go into a Court Ordered payment plan under Chapter 13 instead of filing a Chapter 7 bankruptcy. But either way, you should be saving a lot of money by filing bankruptcy.
Rate of Interest or the Amount of Minimum Payment of Debts
Clients will often tell me that if the interest rate on their debt was lower, they wouldn't have had to file bankruptcy. It is frustrating to hear this complaint because it is completely irrelevant to whether someone can or should file bankruptcy. The same is true for the minimum payment the creditor requires to keep the account current, it is completely irrelevant. The only thing that matters is your budget calculations and whether you can afford to pay as little as 25% of your debt over a 3 - 5 year period of time.
Current on your debts.
The fact that you are current on paying your debts is only important if you have money left over in your budget to continue paying your debts. If you have money available after paying your necessary living expenses, the Chapter 13 program can let you pay "what you can afford" and give you a fresh start while cancelling or substantially lowering the interest rate on your credit cards & many other debts. Many times people have been able to stay current on paying their debts because they continue to live on credit and are just digging a deeper hole that they will need to climb out of. Other times, people are remaining current on their debt by sacrificing obtaining necessary medical care or cutting out things that are really necessary, like car repairs.
Reason for needing to file bankruptcy.
The personal reason you need to file bankruptcy is completely irrelevant to the Court. The bankruptcy court is only interested in whether the numbers show that you are eligible to file or not. Your personal reasons for filing are only statistical data to the bankruptcy court. If you filed bankruptcy just because you didn't feel like paying your debts, that is fine, as long as you qualify for bankruptcy.
Multiple accounts with same creditor or unknown amounts.
Having multiple accounts with the same creditor or being unsure of the balance you owe is a pretty common situation. Just make sure the creditor is listed in your bankruptcy. The fact that you have more than one account with this creditor or that you don't know the balance amount is unimportant. It is up to the creditor to prove their claim against you in the bankruptcy court.
Keeping your Car.
As long as your car payments are current, and you continue to keep the payments current, it shouldn't be a problem for you to keep your car. You may be required to sign a reaffirmation agreement which will put you back in the same place as not having filed bankruptcy in your relationship with your car. If your car is financed, the company financing the car will only want it back if they are worried you won't pay them for it. And the bankruptcy court won't take your car unless there is more equity in the vehicle allowed under the exemptions provided in your state.
Income & Credit Score you used to have.
If you used to have a high income, and now your income has gone down, you should qualify to file bankruptcy. A loss or reduction of income is a very common reason why someone files bankruptcy. People who have great educations & used to earn a lot often have to file bankruptcy. In fact, the reason few truly poor people ever file for bankruptcy because they don't have access to credit like someone who used to have a high income.
In order to get into trouble with debt, you have to have once had a high credit score. While it can be disappointing to have a bankruptcy lower that credit score, the reality is that not paying your debts on time damages your credit score as much, or even more, than filing bankruptcy. It is possible to rebuild a high credit score after bankruptcy with effort & a steady income. The income and credit score you used to have is in the past, and those who judge you based on your income or credit score aren't worth your time.
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