Need Help removing 2 jugdments from CR

Kookie · 06-09-2008, 12:07 PM

Hello everyone. I currently live in the state of IL and i'm planning on moving to FL where I would like to one day own a home but i have these 2 jugdments (amongst many other issues) hanging on to my CR. The same lawyer is handling both judgments, one is for Discover for over 6,000 and the other is another credit card company for almost 2k. The Discover has been there since 10/2006 & the other since 6/2007. I recently received a settlement offer for the Discover for almost 7K!!! (they took off 10%, according to them the total is almost 9K) They haven't started garnishing my wages or bank account as yet and I'm kinda scared. What are my options? I was thinking of calling them and negoiating for half the amount owed but i'm afraid of waking them up to garnish my wages? I'm expecting a small settlement before the end of the year from an accident that I was involved in 9/2007. Please advise on my options what I can do. PLEASE HELP!

Lucy · 06-09-2008, 12:26 PM

Quote:

Originally Posted by Kookie

Hello everyone. I currently live in the state of IL and i'm planning on moving to FL where I would like to one day own a home but i have these 2 jugdments (amongst many other issues) hanging on to my CR. The same lawyer is handling both judgments, one is for Discover for over 6,000 and the other is another credit card company for almost 2k. The Discover has been there since 10/2006 & the other since 6/2007. I recently received a settlement offer for the Discover for almost 7K!!! (they took off 10%, according to them the total is almost 9K) They haven't started garnishing my wages or bank account as yet and I'm kinda scared. What are my options? I was thinking of calling them and negoiating for half the amount owed but i'm afraid of waking them up to garnish my wages? I'm expecting a small settlement before the end of the year from an accident that I was involved in 9/2007. Please advise on my options what I can do. PLEASE HELP!

Speaking from experience with Discover, they settled with me for much less. Offer them much lower than the 7,000 as in 1,000 and see what their comeback is. As far as the other debt, offer them a few hundred. I believe they would rather settle than garnish, IMHO. I didn't have a judgment though, we settled before court but they will negogiate.

Out of $10,000 I paid Discover 2500......see what I mean?

Kookie · 06-09-2008, 12:41 PM

So can I still Negogiate with Discover even though it was taken over by a CA/lawyer and is now a Judgment?

Kookie · 06-09-2008, 01:00 PM

I just contacted Discover card and they informed me that the debt was sold to another company and the company mentioned is not the plantiff in the civil judgment. I'm guessing they sold it too. What can do I now?

apexcrsrvc · 06-10-2008, 10:56 AM

Ask who they sold it to. My guess is Midland or Asset Acceptance.

Enigma · 06-10-2008, 01:46 PM

On $8000 plus in total debt, I would consider seeking counsel from a bankruptcy attorney.

Kookie · 06-10-2008, 02:44 PM

I have way more than 8K in total debt but most of them will be falling off my credit report this year. They are schedule to be off Experian by July of 2008 and Transunion is 2 months later for the same debts(how is that) every debt on experian will take an additional 2 months to b4 they are due to come off. I have alot of student loans as well. I'm just looking to eliminate the 2 judgments, negoiate a settlement with the $944 for the TCF and rebuild from there with just student loans left on. Any suggestions on getting rid of the judgments without bankruptcy? I was going to file bankruptcy up until last year when I changed my mind seeing that these debts were going to come off my report in just a few more months. The SOL in IL is 10 years so i'm not really in the clear.

Hedwig · 06-10-2008, 04:25 PM

I'm sorry, but with "way more than 8K in total debt" that sounds like it's still in SOL, plus student loans, you have no business thinking about buying a house.

Just because the items are off your credit report does not mean that the debt has gone away. If the SOL is really 10 years, you can expect the summons to start coming as soon as that mortgage inquiry hits your reports. And if they sue and get a judgment, that stays on your reports for at least seven more years.

Enigma has given you something to think about. A consultation with a bankruptcy attorney at least will tell you what your options are. The inital consultation is often free.

jlynn · 06-10-2008, 05:01 PM

I would have to agree with Hedwig in at least exploring the option. Th student loans can't be discharged in BK, but pretty much all the other debts (usually) can. Two years post BK you would probably qualify for a mortgage, assuming you kept your nose clean...

Kookie · 06-10-2008, 05:25 PM

Well I know once I consult with a bankruptcy attorney they will most likely convince me to file bankruptcy because I've consulted with 2 over the phone last year and they were saying that bankruptcy is my best option, but won't all those bad best (over 20 not including student loans) come back on my report with a statement saying "discharged in bankruptcy" and won't they too stay on the report for 7-10 years?

I'll definitely consult with a Bankruptcy attorney. In the pass when I was considering to file I was going to use a full service online bankruptcy website like bridgeport bankruptcy because the cost was 1/5 less than using a bankruptcy firm Is that a bad idea? I have the general knowledge of how to complete the paperwork.

jlynn · 06-10-2008, 10:40 PM

The items on your report should still legally fall off at the same time they were originally scheduled to fall off. BK does not reage a delinquency.

"general knowledge of how to complete paperwork" pre BK Reform Act (prior to October 2005), or did you gain your knowledge after October 2005?

Kookie · 06-11-2008, 02:11 PM

I gained my knowledge after the new law went into effect. I went to BK bankruptcy and visited many websites and read everything from top to bottom. As I said I even spoke to 2 BK attorneys but I felt as if they were pressuring me into bankruptcy unnecessarily. One of the reasons I didn't file for bankruptcy was because I heard that all the items that are discharged in the bankruptcy will show up on your CR with a message stating "Discharged in Bankruptcy" even the items that are no longer being reflected on the report. They will come back with a message saying "discharged in bankruptcy", but you are saying that is not true....correct? If that is not true then I'd feel comfortable filing for bankruptcy because then I'd really only have the bankruptcy and the student loans on my CP as everything else is coming off the report no later than Sept. 08.