Legal Question in Credit and Debt Law in California
Stipulation of Entry Judgment
I have been served a summons for credit card debt and am trying to deal with the attorneys the debt collector hired. They have offered me an option of monthly payments and want me to sign a stipulation of entry judgment but say they won't file it with the court unless I default on the payments. What happens if they do that? Does it still go on public record? On my credit report? Is a stipulation as bad as a judgment?
4 Answers from Attorneys
Re: Stipulation of Entry Judgment
A judgment is a judgment Have you done everything to try to reduce the amount? Contact me directly.
Re: Stipulation of Entry Judgment
Do not get your legal advice from the bank's attorney. See an independent attorney to determine what if any defenses you might have. Do not pay anything, promise to pay anything, speak to the other attorneys, or sign anything without first consulting an attorney.
Re: Stipulation of Entry Judgment
This is a typical situation. If you default, the Stipulation you are signing IS a judgment in itself so it removes the necessity for any Court proceedings. So, yes it is on public record as a judgment against you and if the creditor chooses, they can have it placed on your credit report.
Sorry, there is just no good answer for you other than to argue for the best deal you can. I've known of credit card companies that settle for 1/3 to 1/2 of the total amount owed so go for the best deal you can.
Good Luck.
Scott
Re: Stipulation of Entry Judgment
Your best best is to speak with your own attorney before you sign anything. If you are interested, we handle these defenses at an affordable cost based upon the debt amount.
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