What can I do ifI have no way to pay off a judgment?

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What can I do ifI have no way to pay off a judgment?

I had a $2,000 credit card…made payments…got behind. It went to collections. It went to court. I met with the attorneys representatives and made payment arrangements of $100 a month on a now $14,000 bill. I paid $4,600, lost my job, couldn’t afford to pay and now its over $15,000 even though I paid $4,600 due to the interest. Is this even legal?

Asked on April 7, 2011 under Bankruptcy Law, Colorado

Answers:

S.L,. Member, California Bar / FreeAdvice Contributing Attorney

Answered 10 years ago | Contributor

Filing bankruptcy would be an option for you to consider.  It would be advisable to speak with a bankruptcy attorney, who will be able to tell you if you are eligible for Chapter 7.  Chapter 7 is straight liquidation which may allow you to eliminate that debt depending on what other assets you have.  If you are not eligible for Chapter 7, you could file Chapter 13 which  would require a payment plan.  Chapter 13 may not be feasible given the problems you encountered with this creditor regarding the previous payment arrangements.

Your County Bar Association may have an attorney referral service which could provide you with the names of bankruptcy attorneys in your area.


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