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The court date is later this month. I have a lawer and we have offered to settle for half of the 8 grand, they countered, saying they would take 7g’s. There is no way I can do that, don’t even know if I could do 4. Anyway I don’t want a judgement, what can I do now

6 Comments »

1. 

   If your attorney is any good, they will settle with you for no less than half. You will then request a payment schedule over 3 yrs. They will not garnish your wages or attempt to levy a judgement unless you miss your payments. Dont worry so much about this…They want to work with you believe it or not.

   Comment by msdwbroker — July 29, 2010 @ 4:14 pm

2. 

   They know they are winning judgement. Your lawyer should be getting you a settlement that has payments you to get their money,your lawyer should know this and getting everything can afford to pay. Otherwise they will get judgement and will go after wages settled for you. Maybe you need a new lawyer.

   Comment by Michelle B — July 29, 2010 @ 4:14 pm

3. 

   Well, you are going to get a judgement unless you settle. But if you cannot afford to settle than you should also attempt to get them to approve a payment schedule. Otherwise, they’ll attach your wages.

   Comment by jimmyjohn — July 29, 2010 @ 4:14 pm

4. 

   go bankrupt

   Comment by dumplingmuffin — July 29, 2010 @ 4:14 pm

5. 

   They know they are going to win the judgment against you. Therefore, there is no incentive for them to settle for less.
   Is there anyway that your attorney could negotiate a payment plan for the 7g before going to court?

   Comment by ∞infiniti∞ — July 29, 2010 @ 4:14 pm

6. 

   Most lenders will not take less then the "deficiency" that is the difference between the loan balance and what they got for the auto at the auction.
   If the deficiency is less than what they want, file a SWORN DENIAL. This step is vital, especially if you don’t owe all the money for which you are being sued. Don’t lie to the court; if you owe the amount in question, you cannot deny the debt. However, seldom does the collection attorney sue for a correct amount.
   The sworn denial is a powerful tool! It eliminates the Sworn Affidavit of Account that the collection attorney has. The vast majority of collection suits proceed without a witness for the creditor. The collection attorney enters an affidavit, signed by the creditor, that the debtor owes the debt and that this is the amount. With that affidavit in hand, the court gives the creditor a judgment. When a sworn denial is filed, the debt collection attorney cannot rely upon a sworn affidavit of account, but must instead produce a live witness to testify about the debt. The requirement of a live witness changes the dynamic of the collection action considerably. The likelihood that the action will go no further now increases the likleyhood of an out of court settlement.

   Should you lose at trial, APPEAL. Appeals can take a long time to work through the system and no collection action such as garnishments can occur during the pendency of the appeal (unless you live a jurisdiction that requires that you post an appeal bond to stop collection during an appeal). At each step in the process, you increase your chances that the debt collection attorney will give in and simply put your file away.

   Bring up these options with your attorney first, each state does vary in certain aspects.

   Hope this answer is of help to you
   LEGAL DISCLAIMER: The answer provided here is intended for informational purposes only. It is not intended nor presumed to be legal counsel or professional legal advice

   Comment by Sgt Big Red — July 29, 2010 @ 4:14 pm

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