Q: Can I file bankruptcy on one judgement that has been ordered against me and not all of my debt?
I just received a judgement against me for an outstanding auto loan that my ex husband was suppose to take care of per our divorce decree. I financially cannot afford to pay for this with my current car payment and other bills I have. I have been told that I could file bankruptcy for this but my concern is it damaging my credit. Since the divorce I have been working hard at building my score up.
A: No, when you file bankruptcy you have to list all of your debts. However, the damage to your credit from bankruptcy is only temporary. If you pay your bills on time after you get a bankruptcy discharge, your credit score will probably go back up again relatively quickly, because your debt ratio will be better with less unsecured debt compared to your income and overall obligations.
As always, you get what you pay for. Be sure to talk to a qualified attorney about your specific situation before choosing to rely on information you get from internet discussion boards such as this one.
Bruce Alexander Minnick agrees with this answer
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