| 1. |
|
| 2. |
|
| 3. |
|
I'm being sued by a Credit Union on a $23,000 loan. Trying to avoid bankruptcy and judgements. What's my best reponse? Advice?
Glendale, AZ
Viewed 42 times.
Posted 29 days ago in Bankruptcy / Debt
Flag as objectionable
I was served on 10/17/09, so I still have a little time to respond. I can make small payments ($150-$200/mo) which wasn't enough for creditor to keep from suing. When business improves (I'm a Realtor) I could pay more. This represents about 1/3 of my total consumer debt. Would like to talk to someone who can help with this immediate problem, and help with protecting my assets (about $7000 in bank accounts) from possible future judgements and garnishments. Have one judgement in excess of $100K against me from a HELOC.
Best Answer (as selected by the question's author)Lonnie K McDowell
This attorney is licensed in Arizona.
Posted 26 days ago.
Flag as objectionable
You can propose any payment arrangement that you want: your creditors do not have to accept it. Arizona law only protects $150.00 in the bank: if your account is garnished, that money will be gone. You may want to take some asset protection steps: invest the money in an IRA, or in an exempt asset such as home repairs on your residence if you have less than $150,000.00 in equity.
Additional Answers (2)Robert John Murillo
This attorney is licensed in Colorado and 1 other state.
Posted 29 days ago.
Flag as objectionable
You need to speak with a local debtor rights and bankruptcy attorney. Your options depend on many more facts and review of the debts, judgments, cases, and agreements. Good luck.
DISCLAIMER—This answer is for informational purposes only and discusses general legal principles, trends, and considerations and is not intended as specific legal advice regarding your question. This answer does not establish an attorney client relationship.
Jeff Adrian Biddle
|