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Alex Esquire
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I sold a business and did not handle all of the transactions

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I sold a business and did not handle all of the transactions correctly when it came to being sure the person buying the company would clear all outstanding bills that were also being purchased. I now have numerous judgements on credit cards that were in my personal name, rather than the business name. I do not have the funds to pay these but feel I should attempt to clear these judgements. Can I pay on them monthly or do they expect payment in full. Should I just allow them tosit unpaid for the 7 year timeline or attempt to make monthly payments that will take me 15 yrs to pay? I do not want to file bankruptcy but was unable to make the monthly payments when I found out about judgements being filed because of a medical hardship. I am currently paying approximately $500 monthly on medical bills and could only pay approximately $200 monthly on judgements. What do you advise?
Submitted: 5 years ago.
Category: Business Law
Expert:  replied 5 years ago.
Hello. My name is XXXXX XXXXX I will be happy to answer your question.

Judgments in Louisiana are actually valid for 10 years and can be enforced any time during those 10 years against the judgment debtor, by seizure of the debtor's assets, garnishment of wages, tax returns, etc...

Generally the collection agencies and or attorneys are willing to negotiate some type of a monthly payment plan and in most cases would agree to stop interest and not enforce a judgment as long as the payments are made as agreed.

It can be overwhelming for some debtors to negotiate this type of an arrangement on their own and there are many debt settlement companies that do offer their services to help negotiate acceptable payment arrangements in such a case.

Also you might want to consider declaring Chapter 7 bankruptcy and if you qualify, you would be able to discharge all of these unsecured debts permanently.

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