11-28-2012 10:56 PM
Hey guys, new here but read alot so far and want to ask a few questions...
My situation is this, I am currently 32 years old, male, and from Southern New Jersey. In the past I fell on hard times when I was diagnosed with a rare form of cancer back in 2003. I fought and beat it for about a year and a half, but it left me in bad financial shape.
I have no assets (rent, no car), and alot of unsecured debt (judgements from cc, cc, payday loan, bills, medical). I have not paid a dime to any of them since Nov 2006.
The two judgements (I was served and no showed in court, total maybe $12,000) were finalized against me ~June 2008. They got like $100 from my bank account, and since then I have not had a bank account in my name, and the judgements have not been able to collect anything from me.
I work in a cash business and get paid under the table and have been for many years, and this will continue, so wage garnishment is not a factor.
Thinking about bankruptcy, but I do have cash and would like to settle with the judgements, but for not more than a few thousand dollars. They have not received a dime from me in many years, and I am legit thinking about filing bk7.
I'd much prefer to hire a settlement attorney to settle these judgements for me. I mean I have zero intention of ever paying them anywhere near more than 25%, how can I, or my settlement attorney let them know this is fact and they will get nothing if I choose to file bk7.
or maybe just file the bk7 and be done with it?
oh and could you maybe suggest a really good settlement attorney?
11-29-2012 01:08 AM
A judgment is a court order finding you responsible for the debt, and ordering its repayment. The original judgment usually orders payment within a certain period of time after its issue, and if that is not done, the prevailing plaintiff can then go back to the court and ask for an addtional writ of satisfaction of the judgment by their taking of your personal property or attachment of wages. They have apparently already done that, and their ability to attach assets was blocked by depletion of funds in the account to which they were authorized to attach.
I would strongly recommend consulting your attorney prior to now offering to pay them anything. They have both a judgement, unfulfilled, and an attachment order, dodged by the consumer. To now tell them that you have assets to pay, but will only do so if they make concessions on the debt, is likely to send them back to court, seeking an immediate order to attach those admitted assets. The judge will most likely demand that you provide a statement of assets and income. Under the table income wont help your case.
You are playing a dangerous game with a party who the court is supporting in their efforts to recover the debt.
I would proceed with legal caution, and sound advice.
11-29-2012 11:07 AM
Very clear on what a judgement is, also very clear that they have no leverage to any money being I have no assets and no job or wages. Paying them some amount will not convey to them that I have no money and they will probably not get anything when I file for bk7.
Them going back to the court would get them no where, I still have no assets and no job, so I am not worried at all about that. I would borrow the money from relatives in order to pay them off, but no where near the amounts in full could I come close to borrowing.
When I write my letter offering say 30% of the judgement amount, what else should I include in it. I need to have it in writing for them to tell the court to vacate the judgement right? What else should I include in this offer to settle?
I think they would be stupid not to settle with an account they have received $0 for in 5 years time, and will likely receive nothing if I choose to file for bk7 with zero assets.
Copyright ©2001-2013 Fair Isaac Corporation.
All rights reserved.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions based on Experian or Equifax data (additional FICO® Score versions based on TransUnion data are not currently available on myFICO.com). Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.