Legal Question in Business Law in Colorado
Litigation likely?
I understand that collection agencies threaten litigation, but for a company with basically no assets and an individual with few assets outside of an inexpensive car, what is the likelihood of litigation for a $10k sum? I presume also that the recommendation for litigation would come after an asset search (which would turn up little), or should I make a point to include that in any discussion with the collector?
1 Answer from Attorneys
Re: Litigation likely?
We cannot say how likely it is that a company will sue you. Collection agencies do not sue, attorneys do. They do not always warn you before filing a suit.
For a referral to an attorney who handles debtor controversies, try Mark Atchley in Mesa, Arizona and feel free to tell him that I referred you.
Good luck,
James D. Jenkins
P.S. Anything information you reveal to a collection agency can be used to attach your assets if they gain a judgment against you.
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