mutinydave
May 4, 2007, 10:39 AM
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!
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!