Consumer Protection Law
Consumer Protection Law Questions? Ask a Lawyer Now.
Hello. My name is ***** *****
Thank you for your question.
I will be happy to provide you the information you are seeking for educational purposes only.
Did you owe the debt for which the judgment was obtained?
Did you contact judgment creditor attorney to see if a settlement could be negotiated?
Thank you for your follow up.
Unfortunately, once a judgment is issued by the court, the judgment can be sold or assigned by the original judgment creditor to third party collection or law firms and there is no legal notice requirement that has to be given to the judgment debtor.
So, once judgment is obtained, is starts accruing interest, fees, etc...and that is why a small debt can multiply into much larger amount over 8 years and generally, the best option would be to try to negotiate a settlement with the attorneys for the current judgment holder / owner and in some cases the judgment can be settled for less than full amount lump sum payment or reasonable monthly payments might be accepted by the judgment creditor.
In any case, if the settlement is reached, it is extremely important that there is a written settlement agreement that states all the terms of the settlement clearly and that it is signed by both the debtor and the authorized person on behalf of current judgment creditor.
I wish you the best of luck!