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Judgment
#1
A judgment is probably the worst thing you can have on your credit report. A judgment is like having a loose cannon. A judgment creditor can enforce the judgment on a judgment debtor. Judgments have statute of limitations, which means that a judgment creditor has a certain period of time to enforce the judgment until the time expires. Each state as their own statute of limitations with regards to judgments. Most states have a 10 year statute of limitations on judgments but the judgment creditor has the right to renew the judgment for another ten years. There are three ways of getting rid of a judgment. The first is to try to have the judgment vacated. Second is to have the judgment negotiated with the judgment creditor for a percentage on what is actually owed. The final and most common of getting rid of a judgment is to file bankruptcy and including the judgment as part of the bankruptcy.

 
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