Consult with an experienced attorney regarding your options. On the face of it, contact the counsel for Wells Fargo Bank , to explore the possibility of settlement in a lump sum or installment payment. If that is not a possibility file a response until a successful resolution is achieved and or consider your option for filing bankruptcy chapter 7 or 13.
Madhu Kalra Kalra Law Firm 23720 Arlington Avenue, Ste 5 Torrance, Ca 90501 (310) 325-9012 http://www.thekalrafirm.com
Contact an attorney who handles credit issues and bankruptcy. Depending on the amount due, you may be able to get a negotiated settlement that would prevent you from having to file bankruptcy and may save your credit. If nothing else works, and you are eligible to file, then bankruptcy may be an option. But I would recommend trying some sort of settlement first.
The other two attorneys who posted gave you good answers. But there is one other thing you need to be aware of. The papers served on you will include a summons. That summons will tell you that you have a certain number of days in which to file an answer (if the suit is in an Arkansas court, the number of days is 30). Wells Fargo, and other creditors, are bad about talking to you over the phone and making you think they're working out a deal, when actually they are just waiting for that 30 days to pass. If the 30 days pass and you do not file an answer with the court clerk, then Wells Fargo will move for a DEFAULT judgment and they will get it. And then they will have a judgment against you. So while it's a good idea to try to work something out, you MUST get your answer filed within the required period. If this is a suit in district court or small claims court, they probably gave you a form to fill in. Fill it in and get it filed with the clerk. If it is in circuit court (or sometimes in district court), they don't give you any forms -- just the summons and complaint. Something you need to understand. Under the law, YOU OWE the money. A company can repossess a vehicle, sell it for less than is owed on it, and then come after you for the deficiency (the amount still owed over and above what they were able to sell it for). So if you owed $15,000 on a truck and they turn around and sell it at auction for $3,000, you still owe $12,000, and they can come after you. You lose the truck and your money!!! So it is critical that you protect yourself by filing an answer. If you don't know how to do that, then follow Mr. Eastman's advice and find a lawyer who handles debtor/creditor issues and hire them to file an answer for you and to try to negotiate a settlement for you. If you have no money and cannot pay a settlement at all, then your option would be to file bankruptcy. But either way, you need to file an answer to keep them from getting a judgment against you. Good luck!
No attorney-client relationship is established with this answer. It is not to be considered legal advice, but is merely given to point you in the right direction and give you a general answer as to the law regarding the question you have asked.