I have been told I am “Judgement proof”…I am trying to find information that would give me a scenario of what the process is/does. I have just recently begun non-payment to creditors.. Is this a long process? and would filing a Chp 7 make it simpler?
Judgment proof is actually a misnomer. People that are said to be judgment proof can actually be sued and the creditor can get a judgment. The issue is if there are assets or wages the creditor that now has the judgment can go after.
For me it all comes down to a quality of life issue. If you decide to pursue bankruptcy it can close the door on the debt tightly, neatly, and quickly. If you elect to do nothing and not pay the creditors it will result in collections activity for years, potential lawsuits, and depending on your specific circumstances maybe even an attachment, lien or wage garnishment.
My suggestion would be for you to click here to find a local bankruptcy attorney. The consultations are free and a bankruptcy attorney will be able to evaluate your specific situation and give you legal advice for you in your specific state.
Please update me on your progress by posting updates here in the comments section of your question. I’m very interested in how this works out for you.