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Judgement principal is about 6500 and the attorney fees were approx 2500 and it is accumulating 18% intrest. I have 2 main questions. The first How is that interest calculated? If i pay 200 a month will it ever get paid? My next question is what would a reasonable payment plan be. How should I approach this sunject with the attorney. should I offer a grand down to start a payment plan or just opt for the 200 month payment and bring my first payment. I dont wanna get shot down or look too stupid in there. I plan on paying this off within a year or 2 through my tax credits im getting this year but I dont really want to tell them that in case i dont get them. It was a business account but the sued me personally and I missed court so I am trying to keep them from selling my vehicles and other things i have. Its my understanding that they cant pursue if we make a payment plan.
They have a judgment, they have the upper hand. If THEY agree to a payment plan they have to honor it as long as you adhere to the plan. Make one payment late and they will use the judgment. If they don't like the plan you offer, they don't have to accept it. So you would be better off mentioning that you hope to get enough money to pay it in full in a year or two. That might make them more willing to accept monthly payments.
Judgement principal is about 6500 and the attorney fees were approx 2500 and it is accumulating 18% intrest. I have 2 main questions. The first How is that interest calculated? If i pay 200 a month will it ever get paid? My next question is what would a reasonable payment plan be. How should I approach this sunject with the attorney. should I offer a grand down to start a payment plan or just opt for the 200 month payment and bring my first payment. I dont wanna get shot down or look too stupid in there. I plan on paying this off within a year or 2 through my tax credits im getting this year but I dont really want to tell them that in case i dont get them. It was a business account but the sued me personally and I missed court so I am trying to keep them from selling my vehicles and other things i have. Its my understanding that they cant pursue if we make a payment plan.
At $200/month, you're going to only be paying off about $80 of the principal each month.
I would contact the attorney, try to arrange a payment plan. Like Scott said, they don't necessarily have to accept it. And until it is paid in full, they can pursue it anyway that they deem fit, as long as they're not breaking the law by doing so.
They cannot legally sell your vehicles or anything else that is in your name. They can place a lien on your property, but they cannot sell it nor can they force you to sell it. If they do place a lien, it will be released once the debt is satisfied.
in states where they can garnish they can merely take 25 percent of your pay normally, so most likely close to that figure could be considered reasonable to them
FR_chuck is correct, they can only get 25%,, this 8384 is wrong if you own your vehicle or vehicles and they are not used for business and worth alot, they CAN take them and have them sold at auction. Most of the time they leave cars alone as it costs way to much that is why they need to be worth quite a bit
FR_chuck is correct, they can only get 25%,, this 8384 is wrong if you own your vehicle or vehicles and they are not used for business and worth alot, they CAN take them and have them sold at auction. Most of the time they leave cars alone as it costs way to much that is why they need to be worth quite a bit
Let's be specific about the State - which State are you talking about?
Let's be specific about the State - which State are you talking about?
In Wisconsin this can be done; however, it certainly isn't done in a small claims suit. Our limit here for small claims is only $5,000 and everyone I've talked to said a sheriff won't bother for a small claims suit because there are too many legal loopholes and it's too complicated of a process.
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