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If my understanding of KY law is correct, a judgment creditor can garnish up to 25% of your weekly wages. The judgment interest rate is 12%, while the legal rate is 8%.
It appears that the SOL is 15 years.
You have a couple of options as I see it: 1) take the offer but ask for the rate to be reduced to 8% since the debt has not been reduced to a judgment, 2) file bankruptcy, 3) retain counsel to fight it, 4) do nothing.
If you go with option 1, I would still file an answer to ensure that a default judgment is not entered against you.
By accepting Plaintiff's offer, you keep a judgment off your credit reports.
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It is better to keep your mouth shut and appear stupid than to open it and remove all doubt. - Mark Twain
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