What if I get sued but I have no assets or savings whatsoever?
Date: Tue, 06/16/2009 - 14:08
I owe Citi and Chase many thousands of dollars.
Just what would come of a lawsuit if I cannot afford to make payments and have nothing to seize? What then?
Thanks for your input.
Mcstiggs
In some states, judgements are good for up to twenty years...who
In some states, judgements are good for up to twenty years...who knows what will come in the future....that is what they are banking on.
What about SOL? Does that not apply to judgments? So does that
What about SOL? Does that not apply to judgments? So does that mean that if buy a house 15 years from now or have savings 5 years from now that the judgment is still active?
If it is a collection agency suing me, don't they need proof that it is my debt? If I never signed a contract or ackowledge the debt with the CA, can they even prove that it is my debt. Especially years down the line?
Do my chances of settling for pennies on the dollar improve after such a judgment?
Thanks,
Mcstiggs
I work for a collection law firm - we usually don't settle on ju
I work for a collection law firm - we usually don't settle on judgments, there is little reason to. You may not have assets now but you never know what will happen. There are a lot of things they can do with judgments & they debt will continue to bill interest depending on you state. In CA a judgment will double in ten years from interest alone & will affect your ability to obtain employment & property. You may not have wages they can attach but there are still other ways so it's best just to resolve your bill. Good luck.
Hi Mcstiggens, Soaplady just talked about the SOL for judgme
Hi Mcstiggens,
Soaplady just talked about the SOL for judgments.
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In some states, judgements are good for up to twenty years |
And like Guest stated, your chances of settling on a judgment are slim indeed.
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If it is a collection agency suing me, don't they need proof that it is my debt |
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So does that mean that if buy a house 15 years from now |
Do you actually have any judgments against you or are you just plotting strategy? As in chess, every single move requires a re-plan so its best to take things one day at a time and not get ahead of yourself.
