Deficiency judgments spell out how much time a lender has to collect the amount it is owed. This time limit varies by state. Lenders don’t always act on a deficiency judgment. If they think the amount owed is too little, they might not act. If you file for bankruptcy, you might be able to avoid paying what you owe. A deficiency judgment will remain on your credit report for 7 years. If you apply for a mortgage, car loan, credit card or other loan, lenders will see this negative judgment until it falls off your report. Your credit score will also suffer if a court files a deficiency judgment against you.