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URL:  https://boards.fool.com/you-are-effectively-judgment-proof-how-do-you-28670763.aspx

Subject:  Re: I'm Drowning...advice on refinancing mortgag Date:  7/31/2010  5:33 PM
Author:  aj485 Number:  298711 of 312702

You are effectively judgment proof.

How do you come to this conclusion? The OP works, so there is income. Depending on the state that the OP works/lives in, this income may or may be garnished. But without knowing that, the income alone could make the OP far from 'judgment proof'.

The OP also owns a home, and apparently has enough equity that she is seeking a $60k (or more) loan on that equity. Again, without knowing the state that the OP lives in, the home equity could make the OP far from 'judgment proof'.

To the OP - If you follow the advice to just quit paying your credit cards without bothering to declare BK, you better understand the statute of limitations in your state, and your state's laws on how judgments may be used to attach your assets and/or income. In other words, you should probably consult an attorney before deciding to take this course of action.

AJ
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