or are they both the same level in damaging a credit report?
2007-09-07 15:39:04 · 4 answers · asked by Anonymous in Business & Finance ➔ Credit
Bankruptcy would be worse on your credit report. A wage garnishment would not show up but the judgment that generated it would. When the judgment is paid the credit report would note the satisfaction but bankruptcy stays there for 10 years.
2007-09-07 15:44:12 · answer #1 · answered by Anonymous · 1⤊ 0⤋
A bankruptcy stays on your credit for up to 10 years. A garnishment doesn't appear on your credit report, as far as I know. A garnishment is where your creditor has a certain amount of money taken out of your paycheck each pay period. This can occur when someone gets a judgment against you. You may be able to quash the garnishment if you file a motion to pay with the court. You will need to agree to pay the debt over about 3 years. These are usually paid directly to the court. If successful, you could prevent the creditor from taking money directly out of your paycheck through your employer.
2007-09-07 15:57:56 · answer #2 · answered by Flyby 6 · 0⤊ 0⤋
Bankruptcy is worse...u won't have a good credit rating for yrs, for anything it's a done deal..Where as garnishment.is a step towards making payments trying to avoid bankruptcy...I would think..anything is better then bankruptcy.
2007-09-07 15:50:43 · answer #3 · answered by moon_mistress_in_the_night 1 · 0⤊ 0⤋
Depends what % of your wages they plan on garnishing .
Can you live on the 'after garnishment ' money ?
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2007-09-07 15:46:41 · answer #4 · answered by kate 7 · 0⤊ 0⤋