I am a lawyer in CT and practice in this area of the law.  I suggest that you obtain all the court documents that the creditor is filing with the arbitrator as it shoudl contain the amount of money that you are being sued for.  if a judgment enters you may have you bank account garnished or a lien placed on your home.  I suggest that you try to talk to the lawyer for the creditor to make a deal where you pay small amounts over time to avoid a judgment.  the lawyer should work with you, especially becasue you can file bankruptcy and discharge the entire debt.