How JustAnswer Works:

  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.

Ask Ulysses101 Your Own Question

Ulysses101
Ulysses101, Lawyer
Category: Canada Law
Satisfied Customers: 2438
Experience:  11 years experience in Canada family law, plus criminal, civil, and employment
Type Your Canada Law Question Here...
Ulysses101 is online now
A new question is answered every 9 seconds

i have a judgement against me from a credit card company but

Resolved Question:

i have a judgement against me from a credit card company but I can't afford the monthly payments as the interest rate is very high and there is no principal being paid down. How can I change the judgement to ask the credit card company to remove the interest fees and set a one sum which I can pay back monthly.
Submitted: 1 year ago.
Category: Canada Law
Expert:  Ulysses101 replied 1 year ago.
Hello, thank you for the question.

So the card company already has judgement against you? You're certain?

What is the interest rate? Have you seen the order?

How much do you owe?

Have you considered speaking to a trustee in bankruptcy?

Ulysses
Customer: replied 1 year ago.

Yes. There is an order. 19% interest rate


 


Yes. I have. I have too much equity in the home.


 


I owe the credit card company $19,000.

Expert:  Ulysses101 replied 1 year ago.
Did you actually consult with a trustee in bankruptcy? It's rare that you'd have to sell your home to fulfill a consumer debt.

Ulysses
Customer: replied 1 year ago.

Yes and she said that she couldn't help me. Would it be in my best interests to consult with another trustee in bankruptcy?

Expert:  Ulysses101 replied 1 year ago.
Oh, absolutely you should see another trustee in bankruptcy. I don't know why the one you saw said that they couldn't help you.

It's very unusual for a bankruptcy to lead to you having to sell your home. A proposal to creditors if accepted would mean that you don't have to go bankrupt and that you'd pay them a much smaller amount. If you actually go bankrupt then they'd get nothing, so they have an incentive to accept your proposal.

Depending on your income and assets, you may find that you're paying far less than half of the debt over time with a manageable interest rate. If you go bankrupt, then you're wiping everything out but your credit rating is shot for the next seven years at least.

Most people just need help negotiating a repayment plan for a lower principal, with a reasonable interest rate, and payments you can afford. If you do nothing, the credit card company will try to enforce it's judgement. They can literally sell your home from under you. So you have nothing to lose by seeing another trustee.

Does that help? Please reply if you wish to discuss this further. If you're satisfied that I've answered you then please give a positive rating so that I get credit for having helped you.

Ulysses



Ulysses101, Lawyer
Category: Canada Law
Satisfied Customers: 2438
Experience: 11 years experience in Canada family law, plus criminal, civil, and employment
Ulysses101 and 2 other Canada Law Specialists are ready to help you
Customer: replied 1 year ago.

Hi,


 


thank you for your help. I will investigate the option. I spoke to one organization that offered a credit proposal option but they wanted me to give them $1200 up front which I don't have at this time so I didn't take that route. There must be a way. I will contact another trustee in bankruptcy to discuss a credit proposal. Thank you very much for the information.

JustAnswer in the News:

 
 
 
Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.
 
 
 

What Customers are Saying:

 
 
 
  • Your Expert confirmed everything that I had been told, and didn't want to believe. Thank you for putting my mind at rest. Monika Canada
< Last | Next >
  • Your Expert confirmed everything that I had been told, and didn't want to believe. Thank you for putting my mind at rest. Monika Canada
  • This has been very helpful. I'm glad to see that lawyers and sites like this exist. Thanks for your help. Mike Halifax, NS
  • Mr. Kaplun clearly had an exceptional understanding of the issue and was able to explain it concisely. I would recommend JustAnswer to anyone. Great service that lives up to its promises! Gary B. Edmond, OK
  • My Expert was fast and seemed to have the answer to my taser question at the tips of her fingers. Communication was excellent. I left feeling confident in her answer. Eric Redwood City, CA
  • I am very pleased with JustAnswer as a place to go for divorce or criminal law knowledge and insight. Michael Wichita, KS
  • PaulMJD helped me with questions I had regarding an urgent legal matter. His answers were excellent. Three H. Houston, TX
  • Anne was extremely helpful. Her information put me in the right direction for action that kept me legal, possible saving me a ton of money in the future. Thank you again, Anne!! Elaine Atlanta, GA
 
 
 

Meet The Experts:

 
 
 
  • Tom B.

    Barrister & Solicitor

    Satisfied Customers:

    1871
    Called to the Bar of British Columbia in 1991.
< Last | Next >
  • http://ww2.justanswer.com/uploads/bulmert/2010-02-12_004737_Me2.jpg Tom B.'s Avatar

    Tom B.

    Barrister & Solicitor

    Satisfied Customers:

    1871
    Called to the Bar of British Columbia in 1991.
  • http://ww2.justanswer.com/uploads/pfilice/2009-2-4_11945_Filice_-_Pat.jpg LawyerProfessor's Avatar

    LawyerProfessor

    Lawyer

    Satisfied Customers:

    828
    Experienced Litigation Lawyer in Ontario since 1999 and NY since 1997
  • http://ww2.justanswer.com/uploads/ME/MeMartin/2012-6-22_172853_Martin.64x64.png Jeremie John Martin's Avatar

    Jeremie John Martin

    Lawyer

    Satisfied Customers:

    751
    I'm a bilingual attorney for the province of Quebec who goes to Court often for many clients.
  • http://ww2.justanswer.com/uploads/BR/brhart/2011-8-23_12246_profpic2.64x64.jpg B.R. Hart's Avatar

    B.R. Hart

    Lawyer

    Satisfied Customers:

    15
    Juris Doctor, Member of the Law Society of Upper Canada
  • http://ww2.justanswer.com/uploads/SO/Sokkalaw/2013-10-4_42239_Sokka2.64x64.jpg Sokkalaw's Avatar

    Sokkalaw

    Lawyer

    Satisfied Customers:

    288
    Lawyer in Ontario, Canada
  • http://ww2.justanswer.com/uploads/CA/captanan/2012-10-26_22415_AdPicture.64x64.png CaptanLaw's Avatar

    CaptanLaw

    Lawyer

    Satisfied Customers:

    163
    I'm a criminal defence lawyer, who assists individuals charged with crimes.
  • http://ww2.justanswer.com/uploads/MD/mdjackso1/2013-11-10_05435_shapeimage1copy.64x64.png M D J's Avatar

    M D J

    Lawyer

    Satisfied Customers:

    20
    I have a general legal practice in Alberta, Canada.