E-Answer.Net

Is BK7 better then a judgment? You mean on your credit report, right?



A judgment is a big bomb and does a lot of damage to your reports. A Bankruptcy is like a Nuclear Bomb....total destruction. So yes, a BK7 is something you would want to avoid on your credit report.



But several judgments and leans will do as much (and more) damage your reports. It will already be destroyed, so a bankruptcy will certainly not do any further harm. It will get the judgments off your back so they can't garnish your wages and bank accounts, and they can't take your property. So in this case a BK7 is better.



Liens will come after after paid.....tax liens stay on for several years after they are paid.



And yes, insurance companies do use credit scores when considering insurance premiums.....but many states are trying to pass laws to outlaw this practice. If we can just get our lawmakers to look beyond the insurance company lobbyist and do their jobs, it would get done.

Many apartment complexes refuse to rent to anyone who has had a bankruptcy (and not just within the last 7-10 years)



Judgements DO have interest rates, and also carry contempt-of-court charges if you default.



Everything that's more than 7 years old (except a bankruptcy) is removed from your credit report.

if your credit is ruined you might as well go bankrupt if you owe a sizeable amount of money. you can start fresh and have your credit repaired in a few years if you behave yourself. i did.

ALWAYS choose Bankruptcy - it's the best for you.