QUESTION
Lost business civil suit must pay back a client.
Asked on Apr 14th, 2014 on Civil Litigation - Missouri
More details to this question:
I can only afford to pay back $400 a month this is the max I can pay. Client wants more money . Its not possible. If I offer to pay monthly payments (known fact I can only pay $400. Do they have to accept this dollar amount ? I have no assets , etc. Does the law not protect me if I am offering to make payments? Lawyer is threatening to go after assets? Can he garnish my paycheck if I am offering to pay?
1 ANSWER
You are obligated to pay the full amount the judgment, unless you can reach an agreement with the creditor to pay a lesser amount. If you do not pay the judgment, the creditor can take steps to enforce it, including garnishing a substantial portion of your paycheck and/or levying on and selling your assets. If you truly can't afford to pay the judgment, you may have to file for bankruptcy. If you earn a regular wage, you might be elegible to file under chapter 13, which would involve a payment plan, rather than chapter 7, a liquidation.
Answered on Apr 14th, 2014 at 4:15 PM