Comments on: How can I settle a $9,000.00 discover judgement debt? http://howtogobankrupt.org/how-can-i-settle-a-9000-00-discover-judgement-debt.htm Mon, 06 Feb 2012 00:00:45 -0500 http://wordpress.org/?v=2.8.6 hourly 1 By: Lauren F http://howtogobankrupt.org/how-can-i-settle-a-9000-00-discover-judgement-debt.htm/comment-page-1#comment-5414 Lauren F Sun, 07 Feb 2010 16:48:28 +0000 http://howtogobankrupt.org/how-can-i-settle-a-9000-00-discover-judgement-debt.htm#comment-5414 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. 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.

]]> By: MadMan http://howtogobankrupt.org/how-can-i-settle-a-9000-00-discover-judgement-debt.htm/comment-page-1#comment-5415 MadMan Sun, 07 Feb 2010 16:48:28 +0000 http://howtogobankrupt.org/how-can-i-settle-a-9000-00-discover-judgement-debt.htm#comment-5415 Be careful. If the court determines that you can pay, bankruptcy will not help you. Be careful. If the court determines that you can pay, bankruptcy will not help you.

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