Legal Question in Credit and Debt Law in Illinois

Installment Loan default

I am being summoned for answer to a default of an installment agreement. I know the circumstance and know what I agreed to then but I still do not have the money to fix it or make payments to fix it...how do I go about negotiating this or hiring a lawyer to help....between 2 cases it involves just under 10000. The agreements were made over 1 year ago, and for extremely high rates of interest. PLEASE HELP


Asked on 11/25/08, 11:08 am

1 Answer from Attorneys
Motty Stone Law Offices of Motty Stone

Re: Installment Loan default

How high is the interest? You definitely want to be proactive in dealing with this as having a judgment against you is not a good situation to be in. You should make sure to show up for any court dates and make sure to call the lenders and tell them that you are in financial trouble. The lenders will try to make you pay, but they will usually prefer to work out a new payment plan rather than seeing you file for bankruptcy.

Please feel free to give us a call if you want to talk this out a bit more.

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Answered on 11/25/08, 4:33 pm


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