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Question
I have been contacted by a law firm representing Unifund Collections for a charged off credit card. They say that the amount due is 18,000+ - half of which is interest that has accrued at 28% for the last 3 years. I offered to settle for 10,000 their client Unifund is willing to settle for $15,000. If we do not reach a resolution, the Law Firm will file suit on July 13th. What will happen if it goes to trial - they are telling me that they are going to attach to my house and garnish my wages.
Usually when a collectin agency or law firm threatens a law suit it is just that, a threat. But in this situation, I suspect that they will do as they say. I have several cases with Unifund right now, and they will sue. Will they be able to garnish your wages if they win a judgment - probably, that depens on whethr your specific state law allows garnishment of personal wages, and most do. Will they get a lien on your house - that is automatic if they get a judgment in court - it is called a "judicial lien". Can you stop this? Absolutely - you have several options but you need to act fast so they don't get the lawsuit in the works (by the way, settling with them or paying them a single dime is the WORST thing you could do at this point in terms of both the money you would have to pay to settle and the entry on your credit report even if they did pay).
Call me on my cell phone so we can discuss this in more detail 661 492-2673 I will not charge you just to talk on the phone.
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Answers by Expert:
John Hall
Expertise
Law school graduate, Juris Doctorate (J.D.) Degree; Over 25 years of experience throughout the United States in bankruptcy law matters (Chapters 7, 11, and 13 of the United States Bankruptcy Code) primarily representing individual debtors with consumer debt or small businesses; Experience has included all aspects of debtor/creditor relations.
Experience
FREE BANKRUPTCY HELP. If you are being sued, if your home is being foreclosed, or if you are being harassed by bill collectors, filing for bankruptcy may be a quick and inexpensive solution.. The mere filing of a bankruptcy will operate as a federal court order (it is called an automatic stay) to stop all bill collection efforts, including lawsuits that are pending or ongoing. Bankruptcy is a legitimate way to meet your problems with debt head-on. The bankruptcy law is designed to give you a second chance to make a new start without the psychological and financial burden of pressing debts that you are unable to pay. Depending on what state you live in and what your assets are, it is very unlikely that you are going to have to lose anything if you file for bankruptcy, and this is something that you can do immediately without having to pay the $500 to $1,500 attorney fees that most attorneys charge. Also, you might be surprised that you can file for bankruptcy and that it will not have the devastating effect on your credit that most bill collectors describe. Life is too short to have all this anxiety over losing your car through repossession, getting evicted from your home, or losing your home through foreclosure. Bankruptcy law was designed to give you a second chance. I will not charge you just to talk on the phone. Call me at 432 853-5711, or send me an email at j_h14@hotmail.com with your telephone number, and I will call you back.
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