can someone please explain this legal jargon???

Date: Fri, 10/12/2007 - 15:07

Submitted by anonymous
on Fri, 10/12/2007 - 15:07

Posts: 202330 Credits: [Donate]

Total Replies: 3

I have a letter from a CA. In it is the sentence: "A portion of this claim has been assigned to ******* Law Firm, which must in join in any settlement or release".

Anyone know what that means in English?

Thanks.

I believe it means that a has to be assigned for a settlement or

I believe it means that a has to be assigned for a settlement or release to take place. Someone will be along soon to answer for sure.

lrhall41

Submitted by Lukeskywalker on Fri, 10/12/2007 - 15:16

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I'm not sure, unless it means they have an in-house attorney/col

I'm not sure, unless it means they have an in-house attorney/collector that will also take part in the collection of the money..KAren

lrhall41

Submitted by Bossy4455 on Fri, 10/12/2007 - 15:36

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For whatever reason, there may be many, that attorney is getting

For whatever reason, there may be many, that attorney is getting a piece of every dollar the CA collects.

Here's a scenario I can think of for this to happen: The assignee (owner) of your debt may have filed a Chap 11 Bankruptcy. As part of its reorganization it may be stipulated that a portion of everything it collects goes to its creditors. In that case, the attorney would be acting as a trustee, and the CA has to pay them a portion of everything it collects, to repay its own debt.

Sounds like this is just something that doesn't really affect you, but they need to disclose anyway.

lrhall41

Submitted by DebtCruncher on Fri, 10/12/2007 - 16:26

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