jennifer h

[jackrabbit]

hi jennifer,
i was wondering what you thought would be a good compromise financially on a judgment worth 7000.00?i will no doubt have to use a lawyer because this judgment creditor seems to be a real sleazeball according to budhibbs website.
no payment amounts were established, i just about every 6 months get a letter from them stating what i owe and that a lump sum would lessen the total due. bare in mind i would probably never be able to come up with a lump sum more than 1500.00.
any help would be appreciated, we are trying to avoid bk.
also a few months ago i recieved a letter from a law firm stating they were considering suing me for a debt but i know the sol has run out on this debt.should i just ignore it or let them know i know the sol has run?
thanks and happy new year!!!!
jackrabbit, tx.

 

[JenniferH]

My answer:

Have you tried to communicate with the creditor and work with him? If he is unwilling to come up with some sort of payment plan that can be worked within your budget, then there really is no point to go out and hire a lawyer to try to settle.

You could try to use the tactic that you are going to file bankruptcy on the judgment, then if he is still unwilling to work with you, then you know your answer. I only suggest this tactic if you are willing to go thru with a bankruptcy.

As for your second debt question, you could ignore it our you could respond to the attorney and let it be known that that debts sol has run out. But, make sure that you are right on the sol for that type of debt. Other than that, they are just trying to ruffle your feathers so to speak

Hope this advice was a help. As you can see I hold no punches.

Good Luck,

PS: Most judgments are bought ten cents on a dollar by a judgment purchaser in most cases. You do the math on that one

 

[jackrabbit]

thank you!

hi jennifer.
i so enjoy your classey responses.you are certainly a welcome addition to this forum, i hope you stick with it.
the reason i mention having an attorney neg. for me is that i have heard of so many tricks these collectors pull.i felt having a lawyer look things over as far as agreements went would be the only way i could feel confident my interests were protected.
also maybe the lawyer would be able to get me a better deal.
i am thinking i am really after over 4 years of this hell just going ahead and filing bk, something i probably should have done sooner,lol.
i just really did not want to go that route.but as our finances are not improving my options seem to be very narrow.
i will see how many judgments i end up with and go from there i guess.we will never have any money so in a sense i guess these judgment creditors will be getting blood out of a turnip.
i know for a fact that i didn't make a payment to this one creditor in 99 but i guess i accidently re-affirmed the debt although in their letter they are seeming to state i made a payment.i did not know then that you could start the sol over again just by acknowladginhg the debt.i was fairly ill at the time and while on the phone the medication i was on no doubt didn't help much either, i was on morphine.
i just hope and pray if i do bk that will be the end of it.it seems they can harrass you forever.
anyway thank you for your time and politeness in answering my questions.
jackrabbit