I am a 23 year old college student. A few years ago I got approved for 4 credit cards. I defaulted on them about 2-3 years ago after I lost my job. After that things went downhill academically, financially, and mentally. I am back in school now, and I have been doing good in my classes. I was served by three credit card company with a lawsuit. I showed up for one of them, made an agreement with the attorney and never paid him. I wasnt thinking. I got a judgement against me for around ~$4,900 dollars.
Two other companies served me with lawsuits. I never showed up and I got two more judgements against me. One for ~$2,800 dollars, and the other one for ~$3,900 dollars. I got this third credit card company that hasnt taken me to court, and I have contacted them. They said my 2,000 credit card had accumilated interest and now its ~$7,500 dollars. They said they were willing to settle now for $2,000 dollars. I dont have this kind of cash now. I asked them now for 4 months. I am still dealing with them for a longer time.
Now for my defaulted credit cards I realized, I made a serious error in judgement. I told them I can make monthly payments for it and they agreed. I tried to ask them to come down in the amount, they said they would with full payment. I dont have full payment. I feel like everything is hopeless. I dont own any property but I am self-employed with this bartending company and seldomly work. I'm overwhelmed so much that I can't concentrate in my studies. I know school is important, and I need to figure out what to do.
I have a few questions that have been bothering me immensely, so please bear with me.
Its been past >thirty days since my judgements.
Are these judgements reported on my credit report? If so, how negatively does it affect my credit? When does my credit report get removed from these judgements and is clean again? Am i able to do anything myself to have these removed earlier?
Will my bad credit report affect me in getting a job after I graduate?
After I have fully paid the creditors in full, what should I do so that no further action is taken against me.
What are my long term consquences? Should I hire an attorney and have them help me?