court date for judgement coming

[phas]

What is the name of your state?ky
We have a court date coming. It is with discover and also have a dispostion
with citi bank the same day. ? is , what can they really take and do we need to show up. is there a way when can postpone it for a few weeks till we try to round up some cash. Had a lawyer tell us not to show and had another tell me to show up, but no one wants the case. really confused need any info.
Thanks for any help

 

[Ladynred]

You need to go to BOTH !! Any lawyer telling you not to bother showing up is not giving you good advice ! Of course, unless you have the money to pay Discover, you're probably going to wind up with a judgment against you anyway. However, you ARE likely to have the opportunity to come to some agreement or settlement before you even see a judge, so make sure you GO and take an offer or payment plan with you and make sure it gets signed !!

You say you have a deposition with Citibank ? I take it they already have a judgment against you ?? If that IS the case, you definitely do NOT want to blow that off, you could be found in contempt of court if you do.

 

[phas]

no, citi hasn't got a judgement yet.

 

[phas]

also forgot we owe discover close to $7,000.
and citi around $27,000
is there any way we can protect the house?
what do you suggest we offer?
don't have much to work with.

 

[Ladynred]

Yikes ! 27K to Citibank ???

Whether or not you home is protected depends on how much equity you have in it.

The Kentucky statutes permit exemption of a debtor's real and personal property which are used by the debtor and his family as a residence in the aggregate value of $5,000.00.

How much you offer depends on how old the debts are. Knowing Discover, I'd bet the debt hasn't been delinquent very long at all. Citi is getting very aggressive and suing more quickly too.

Offer what you CAN pay, no point in offering anything that's beyond your reach.

 

[phas]

house is mostly paid off. should we try to sell it real fast or take our spanking.

 

[Ladynred]

Unfortunately, that's not a good idea. The court could see it as a fraudulent transfer and actually reverse the sale on you.

With 27K owing to Citi and a nearly paid-off house, you could have a real problem. For that amount of money, Citi could force the sale of your home once they have a judgment and a lien. The only way to stop that would be bankruptcy.

 

[phas]

LNR Thanks but i have another Question.My father gave my boy some equipment can they take it. He is not really of age and still at home.

 

[Ladynred]

What kind of equipment ??

Probably not, the stuff belongs to your son.

 

[phas]

small dozer and trackhoe
Do they put a judgement on everything you own or just enough to cover the debt.
thanks

 

[Ladynred]

The judgment is against you, not your possessions. However, they can put a lien on real property. If the dozer and backhoe belong to your son, then they can't touch it.