Q: If judgement against me for a 7 yr. old past due credit card bill what are the conciqueses if I don't pay it?

A: Unfortunately, you do not provide enough information. When was the judgment last paid? When was the judgment entered? A judgment never goes away and exists forever. However, to be executed upon, a judgment is good for 5 years in regard to real property. The judgment can be revived for additional 5 year periods. For personal property, a judgment is good for 20 years for execution purposes. That means that the creditor with a valid judgment can continue to seize your bank account or other assets owned free and clear for a period of 20 years. If you own land, the judgment will be a lien on the land and if you try to sell it, the judgment may have to be paid.

The judgment will be reported on your credit for a period of 7 years following the date of entry of the judgment. It will be difficult for you to get a mortgage or get a refi or even a car loan at a decent rate with an unpaid judgment. Landlords or prospective employers may check your credit and if you have an unpaid judgment may decide to deny you employment or refuse to rent to you.

What you do will therefore depend on your situation. For some people with no assets and only exempt income, such as elderly folks who will never need credit, perhaps doing nothing makes sense. However, if you have assets or work, then resolution of the judgment is in in your best interests, whether by debt settlement, payment in full or bankruptcy. Which option is right for you depends on your circumstances. I strongly suggest that you sit down for a consult with an attorney - if you are leaning towards bankruptcy, get a consult with a bankruptcy attorney. If you are leaning towards debt resolution, then consult an attorney who assists consumers in resolving their debt.