Legal Question in Credit and Debt Law in Georgia
personal loan default
I have to appear in court due to a personal unsecured loan that I have with a well known loan company, because I am in nonpayment status for three months. I recently joined a debt elimination program, in which unsecured loans are applicable. If I do not have the money right now to pay the $7,000 debt, and I know that I have to pay it, is it worth me going to court for?
2 Answers from Attorneys
Re: personal loan default
When you get sued, you need a lawyer. The outcome of a suit will probably ruin your debt repayment plan, and you may find that bankruptcy presents a way to stop the suit and protect yourself. Contact me for details.
Re: personal loan default
Whether it is worth it is something you will have to decide. We know nothing about the case other than what you posted, and you say you owe the money. Maybe that tells you all you need to know. I don't know that the "debt elimination program" has to do with your question, but I wish you had described that a little more. Debts get "eliminated" by bankruptcy, payment of the debt, or in the rare case where the creditor actually forgives (not just writes-off) the debt. "Debt elimination" is code for "scam."
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