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CalAttorney2
CalAttorney2, Lawyer
Category: Consumer Protection Law
Satisfied Customers: 10244
Experience:  I am a civil litigation attorney representing individuals and businesses.
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I would like to obtain assistance regarding a judgement

Customer Question

I would like to obtain assistance regarding a judgement placed on my credit.
Submitted: 1 year ago.
Category: Consumer Protection Law
Expert:  CalAttorney2 replied 1 year ago.

Dear Customer,

I am sorry to learn of this situation.

When trying to settle a debt, creditors generally prefer lump sums over payment plans. They are often willing to accept an amount less than the full debt (the trade off is that they get a quick payment and don't have to worry about ongoing collection costs or administration). If you do not have the ability to offer a lump sum for something the creditor will accept (some will accept a small portion, while others want close to the full amount), you can try a payment plan, these are less satisfactory to the creditor (especially if they have a lien on your property already), but if you are willing to offer something with a reasonable chance to get the creditor a large amount of their debt back, you are likely to get them to accept it.

Whenever working with a creditor, make sure that you keep your communications in writing (if you speak to someone by phone, promptly send a confirmation letter to summarize your conversation), as this will help to ensure that there is no confusion later on, and you will be able to enforce your settlement against any future collection efforts.

Ultimately, if you find that your overall financial situation is such that you cannot meet your financial obligations, you may want to consider bankruptcy protection. If you do please speak with a bankruptcy attorney. While it is possible to file for bankruptcy without an attorney (see: http://www.uscourts.gov/services-forms/bankruptcy/filing-without-attorney), it is not recommended as good bankruptcy planning and proper filing/representation can make a significant difference in your post-discharge financial situation (you will get much more out of your bankruptcy and run a much smaller risk of missing a key part of your filing (which can lead to having a pre-bankruptcy debt remain if it is not listed properly!)).

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