File for bankruptcy after judgment??

[hatemylife]

What is the name of your state?What is the name of your state? PA

I have 7 delinquent credit cards, totaling nearly $16,000 (original debt before outlandish fees and interest was closer to $7,500). I have been trying to negotitate with the creditors to get a settlement closer to what the original debt was (all are charged-off now). None will budge lower than 70%, and I don't have the resources to come up with that kind of money, as I've been unemployed for nearly a year now.

The problem is, I am an authorized user on 3 credit cards that belong to my parents, and I co-own a car (halfway through payments) with my father. Naturally, the creditors are seeing these figures on my credit report and trying to get me to do balance transfers onto my parents' credit cards. That is not possible at this time, because they don't have the income right now to pay off that kind of debt. They also have excellent credit and don't want to ruin it.

Anyway, one creditor called me today and I mentioned that I am considering bankruptcy. He said that he will recommend that a judgment be placed against me and once that happens, I will be unable to file for bankruptcy because "considering my age (25), no judge will allow it. Also, Pennsylvania is a wage-garnishing state, so you'll have your wages garnished once you do get a job." Is this true, or is it just a line of BS so I'll get scared into pushing myself further into debt just to get this monkey off my back?

I'd appreciate any information/suggestions or links to legitimate sources of information regarding PA laws.
Thanks!

[JETX]

Originally Posted by hatemylife

Anyway, one creditor called me today and I mentioned that I am considering bankruptcy. He said that he will recommend that a judgment be placed against me and once that happens, I will be unable to file for bankruptcy because "considering my age (25), no judge will allow it.

Of course, that is all crap. The fact is, you can file for bankruptcy at your choice. The court (through a trustee) will then review the FACTS of our filing and report his/her opinion as to the discharge to the court. An outstanding judgment will have NO impact on your bankruptcy proceeding.

Also, Pennsylvania is a wage-garnishing state, so you'll have your wages garnished once you do get a job." Is this true

Of course not. In fact, PA exempts 100% of your wages from garnishment.

I'd appreciate any information/suggestions or links to legitimate sources of information regarding PA laws.

I suggest you take a look at:
[url]www.creditinfocenter.com/[/url]
[url]http://www.ftc.gov/os/statutes/fdcpa/fdcpact.htm[/url]

[hatemylife]

Thank you so much for the information!

One more quick question: I have a joint checking account with my fiance. From what I've read, it looks like it is possible for a judge to freeze that account. Can I prevent this from happening by, say, taking my name off this account and opening my own?

Thanks!

[JETX]

Originally Posted by hatemylife

Can I prevent this from happening by, say, taking my name off this account and opening my own?

You can prevent your fiance's funds from being seized with yours by having a separate account.... though that will not prevent ITS seizure.

[hatemylife]

Thank you!

I'm looking into Chapter 7, since I'm unemployed and currently having no luck getting a job in my field or any field in which I am qualified to work. (I had a seasonal/holiday job at the end of 2004, but that miniscule income went into savings to make sure my car payments could be made for the next couple of months). I really want to hold off on filing, since my hope is that I can negotiate settlements (my parents offered me a balance transfer at a LOW interest rate on one of their credit cards and will help me make payments until I'm able to do so myself) and eventually find work in order to pay them. Point is, no matter what they think of me, I'm not trying to be a deadbeat--I'm just in a tough situation right now.

We got one collector to settle at a price that is reasonable--6 more to go! I just hope it works out so that I can get them ALL settled, and not end up having to file for bankruptcy after settling only a couple of them. The problem is, none wants to work with me. Should I ride it out and see if any of them will actually carry out their threats to sue me, or should I just go ahead and file now? I understand that is a personal decision based on many factors, but based on your experience, does anyone have any suggestions?

P.S. All of my cards charged-off in December 2004 or January 2005.

Thanks!