If I’m being sued for debt thatI can’t pay, should I contactmy creditorslawyer to make payment arrangements or just show up to court?

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If I’m being sued for debt thatI can’t pay, should I contactmy creditorslawyer to make payment arrangements or just show up to court?

I am being sued for non-payment of my credit card. I do owe $5,000 and am being sued for $7,319.92, which I’m assuming is interest and other added fees. I am unable to pay any of my debts due to being unemployed for almost 2 years now. I have made attempts to make small payments but to no avail. I have never been sued and know for sure the many other credit card companies that I owe will probably do the same

Asked on February 7, 2011 under Bankruptcy Law, Illinois

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 10 years ago | Contributor

You seem to indicate that you do owe at least $5,000; therefore, let's assume for the sake of argument that the other $2,319.92 is also valid (e.g. interest, etc.). If you undoubtedly owe this amount and you go to court, you will lose and have to pay it. Therefore, it would seem to be in your interest to try to settle the debt for less if possible and/or to schedule payments that you can make, rather than whatever may end up being imposed on you court; worst case, if the creditor doesn't agree, you're no worse off than than if you didn't try at all.

If you can't settle, and if you owe other creditors money as well, you may wish to consider bankruptcy as an option. You should consult with a bankruptcy attorney to see if this might be a good choice for  you. Good luck.


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