Legal Question in Civil Litigation in Georgia
I had a private student loan thru Citibank, which I defaulted on and was eventually sold to an insurer The name of the company is Arrowood Indemnity. I offered half the principle and they gave bottom line offer of 70% plus court cost, which is only 60 dollars less.
How doe I proceed. offer counter offer, go to court. Does this offer seem fair?
2 Answers from Attorneys
Why do you think they need to offer "fair?" That is not relevant. Either settle, in writing, for what you can pay or risk the consequences. What do you expect in court if you owe the money? Would you pay a lawyer, when the money could go toward the debt?
Your question cannot be answered. You haven't given any relevant information, such as your tax bracket and the amount of the settlement (those matter, as you will usually get a big hit from the IRS and state on your deal, as you are taxed on any amount forgiven).
Also we have not seen the court papers and have no financial information about you. Unless you want to risk a very expensive mistake, schedule a consultation with a lawyer before even discussing a settlement.
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