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Thread: Judgement Proof

  1. #1
    scoutll Guest

    Judgement Proof

    What is the name of your state? Ne.
    I was looking to file bankruptsy but in my research I believe I am found "judgement proof". My only income is a Social Security Disability check each month. I have a loan and several credit cards I used while being sick. Now my income leaves me $4.00 a month after I pay my bills. So what do I do - just stop paying the bank and credit card holders?
  2. #2
    Ladynred is offline Senior Member
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    Do you own any property ?
    Do you have a car ?

    What leads you to believe you're judgment proof - few people really are. Besides, you may be judgment proof, but that doesn't mean you want to risk dealing with the consequences of having a judgment against you. If you acquire anything siezable during the term of the judgment, you stand to lose it - or wind up in court over and over to defend it.
  3. #3
    JETX is offline Senior Member
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    And lets not forget... that judgment can go on your credit file and affect anything that you want to do in the future.

    And a Nebraska judgment is good forever (5 years, renewable).
  4. #4
    scoutll Guest

    Judgement Proof

    I was reading the Ne law on bankruptsy. They can't take your Social Security money unless it is put in a bank account with other money. Not a problem as I have no other money. I rent in a rent based on income complex. I have no property and my truck is 24 years old. I have emphazema so don't believe there will be any major purchases in the future. I could use a new car but have no fantasys about that happening. So what other options do I have? At the time I made these bills I had no idea I would be declared permanently disabled and have my income cut in half.
  5. #5
    Ladynred is offline Senior Member
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    Based on that info, I'd say you are about as close to being judgment-proof as you can get. If judgments on your credit won't affect you, then you've nothing much to worry about. As long as your renting arrangements aren't affected by credit, only on income, then quit paying the bills and use the money you have for the necessities of life !

    Collections can get nasty and you'll have to dodge them, so you should learn your rights and learn what they can and cannot do. The Fair Debt Collections Practices Act (FDCPA) is on your side, so learn what's in it. You might consider changing your phone number to something UNLIsted and then give it to no one other than friends and relatives - not even the pizza delivery guy !

    I'd guess your only concern is if you need to replace that vehicle at some point - a judgment would make that difficult unless you have other financing options.
  6. #6
    scoutll Guest
    Thanks for the info. As you can tell I've buried myself trying to stay employed and paying my bills to the point of having nothing left. Feel a little quilty doing things this way but I guess sometimes you've just got to do what you have to do.
    Thanks again.
  7. #7
    scoutll Guest

    Didn't think to mention......

    When I incurred these debts I lived in California. I just moved back to Ne. 6 months ago. Does this make a difference? The bank loan and one credit card is in California. The other two cards I got while I was there.
  8. #8
    Ladynred is offline Senior Member
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    Your location, for the most part, makes no difference.

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