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Dave Kennett
Dave Kennett, Lawyer (JD)
Category: Legal
Satisfied Customers: 27689
Experience:  25 years experience in general law, including real estate, criminal, traffic, and domestic relations
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In NY state, a creditor sued me and I answered prose because

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In NY state, a creditor sued me and I answered prose because every lawyer I consulted only wanted to do a bankruptcy. I gave it a shot and lost. The court granted a Summary Judgment against me.

Besides trying to settle on a lower amount to pay back or going for the bankruptcy, what are my choices? is there a way to delay this judgment?what exactly can a judgement holder do in NY state?Would the judgement holder be open to settle?
Dear JACUSTOMER - Once there is a judgment the creditor can use all legal collection methods such as asset attachments and garnishments in order to collect. There is no requirement to settle but most creditors would rather settle the case than chase the debtor for the money. There are two ways of settlement. One is to offer a lump sum amount for about 50-60%of what is owed or enter into a payment plan with a written forbearance agreement which keeps the creditor from using any collection actions so long as the payments are made according to the agreement. The problem with a payment plan is they can take forever and seldom are successful depending on the amount owed. Of course the other option is to file bankruptcy and wipe out the entire debt, assuming this is a dischargerable debt and not something like a student loan or back taxes. There is no way to delay the judgment unless you file an appeal which costs even more money and has little chance of success. Since I don't know your overall financial situation I cannot tell you which option may be best but if you do not have a lot of assets to protect and the debt is large then bankruptcy is generally the best route to go.
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