QUESTION
What should I do if I'm willing to make payments but I'm unable to afford what they would like me to pay?
Asked on Jan 03rd, 2017 on Bankruptcy - California
More details to this question:
I owed $13,000 to a credit card company due to me being scammed from what I thought was a legitimate job. That balance is now with a creditor who just summoned me for a judgment and they are threatening with putting a lien on my house.
6 ANSWERS
You should consider hiring an experienced BK lawyer and paying his or her hourly rate for two hours to try and negotiate a settlement for you. Speak with the lawyer before the court date. Your options are much more limited after the court date. Good luck!
Answered on Mar 02nd, 2017 at 5:27 PM
A creditor with a court judgment is like a policeman with a gun. At this time, the leverage you have is limited. Be sure to record a declaration of homestead with the county recorder to protect your home from any lien. And you may want to meet with a real attorney in person to discuss resolving this debt. My experience is that payments will never work with a creditor with a judgment.
Answered on Mar 02nd, 2017 at 5:27 PM
Bankruptcy Attorney serving Cleveland, OH
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Benson Law Firm
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You should contact an attorney ASAP and request a free consultation.
Answered on Mar 02nd, 2017 at 5:26 PM
If you qualify the debt can be erased in Bankruptcy.
Answered on Mar 02nd, 2017 at 5:26 PM
Bankruptcy Attorney serving Madison, WI
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Richard B. Jacobson & Associates, LLC
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One option is a Chapter 13 bankruptcy. Under Ch. 13, you get the same protection from creditors, and you submit a Plan, under which you make partial payments (based on two complex calculations of how much you can afford) for either 36 or 60 months. You could wind up paying as little as less than 1% of your total unsecured debt, or as much as 100%. Retaining an experienced bankruptcy lawyer is almost always a good investment.
Answered on Mar 02nd, 2017 at 5:26 PM
Commercial & Bankruptcy Law Attorney serving Powell, OH
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Ronald K. Nims
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I suggest that you consider filing bankruptcy. This will eliminate the debt and prevent a lien from being filed.
Answered on Mar 02nd, 2017 at 5:26 PM