Hello,

I have a large debt to 2 credit card companies totaling approximately $28,000. I ran into financial difficulty with my business (I owned numerous rental properties and lost 3 of them to foreclosure). Bottom line is I have not made a payment on this debt in well over a year. The two credit card companies were calling almost daily. The calls are now being made by a law firm (Mann Bracken). My question is this. Since the collection activity is now being done by a law firm, has a judgement already been filed?? Would I be better off waiting this out or possibly making an offer to settle? If I wait it out do I run the risk of having my wages garnished or my bank account seized? I could come up with $3,000 immediately but it is well shy of what I owe and I don't know if this would be the best course of action.

Thank you for your help!!

ScottGem

No. Some Law firms are in the sole business of collecting debt. Mann Bracken is one of them (an infamous one form what I've heard).

However, since this debt is within the SOL, they should have no problem obtaining a judgement. So your best bet it trying to negotiate a settlement.