Legal Question in Credit and Debt Law in California

I joined a credit union a couple years back by asking them to consolidate some of my debt, and obtain a lower apr%. Over this time i paid on time and usually more than the minimum. Recently with the economic downturn and myself being in the home construction field things got real bad and i started to fall behind on everything. Now several months have passed and i have recieved my tax return and also things income-wise have started to improve. i have paid off and nearly cought up with most of my debt. i was just served with papers from the credit union that they are suing me and i have 30 days to reply. i wanted to just start making payments to them again, then i recieved this.

i dont know what can be done if anything. i want to know what to prepare for.


Asked on 4/16/10, 10:30 pm

1 Answer from Attorneys
Michael Stone Law Offices of Michael B. Stone Toll Free 1-855-USE-MIKE

Best guess, they would want a lump sum to settle. If you have paid off all this other debt, maybe you can borrow enough money to offer 40-50% of what you owe.

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Answered on 4/21/10, 10:43 pm


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