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Do I need a lawyer now to deal with the judgement against me and attempt to appeal or settle

Stroudsburg, PA |
Filed under: Credit score

I had a judgement against me in a debt collection case. I was in court and presented my side of the story which led the judge to reduce the amount of debt. What should I do now. Do i call the attorney for the debt collector to reach an agreement or is there a way to appeal or vacate the decision and can any other collector use the judgement against me in the future? And what impact is this on my credit .

Attorney Answers 3

Posted

Once you fall behind on a debt your credit record is marked for 7 years.
Here you fell behind and were sued.
There was a court hearing and a judgment was entered against you.
This history of these events will most likely appear on your credit record for 7 years.
Once the judgment is entered the creditor's attorney will look for assets to satisfy the judgment.
What you should do now will depend on your circumstances.
You can try to work out a repayment arrangement.
If you have multiple debts you may wish to consult with an attorney about all your options.

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Posted

Mr freedman has set forth out the basics. To add to his comments, once the creditor (plaintiff) has a judgment they will eventually try to enforce (collect) the judgment via wage/account garnishment. Also, in many states a judgment entered within the same county for which you have any real property (home) may automatically attach as a lien of that property. It is often possible to negotiate with the creditor/plaintiff to settle for less than the amount of judgment as it will cost the judgment creditor additional time and money to enforce the judgment that they may not see in return, or at least in the short return, depending on your financial circumstances. However, be very careful when negotiating/settling a debt with the judgment creditor and make sure there is a written agreement outlining the terms of the settlement. If you have several other debts (especially if delinquent) it may be very wise to consult with a bankruptcy attorney in your area before attempting to settle this judgment.

Hope this helps.

For more general information on consumer protection visit me at Portland Consumer Lawyer

This info is for basic information only and no attorney-client relationship should be construed. If you need actual legal representation, you should consult with a lawyer in your area who is licensed to practice in your state.

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Posted

You can appeal, but expect to be required to pay an appeal bond in the amount of the judgment. If you appeal or move to vacate, you need grounds for the judge to rule on. Without grounds, expect to lose. The judgment will remain on your credit report for as long as it is valid, which can be more than 7 years. The judgment can be sold to someone else for them to collect as well. You can always try to settle this, but make sure that you get any agreement in writing.

Mr. Goldstein is a Virginia-licensed attorney only. The information is not, nor is it intended to be, legal advice. You should consult an attorney for individual advice regarding your own situation. Answering this question does not in any way constitute legal representation. Contacting Mitchell Goldstein or the Goldstein Law Group does not constitute legal representation, nor is any information you provide protected by attorney-client privilege until otherwise advised.

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