How can I settle a $9,000.00 discover judgement debt?
The original debt was ,000… Everything I read and know is that companies are usually unwilling to settle a Judgment, but if I file bankruptcy they get nothing. Do you think given the current state of the economy and the pending credit card restrictions that they would be more willing to settle?
Posted February 7th, 2010 in Debt Settlement. Tagged: bankruptcy, credit card, current state, economy, judgment.
Unfortunately, once they get a court judgment, they have a lot more leverage against you. In many states, they can ask for your wages to be garnished, or ask for a levy against your bank account. A judgment also makes the debt collectible for much longer than the standard statute of limitations for your state. And, many states allow something called "statutory interest" which means the interest keeps getting added to your balance until it is paid off.
If you think you can reasonably pay close to the original $5,000 debt in full, call them up and give it a shot. Otherwise, try to get a hefty payment plan going.
February 7th, 2010 at 11:48 amBe careful. If the court determines that you can pay, bankruptcy will not help you.
February 7th, 2010 at 11:48 am