Legal Question in Credit and Debt Law in Minnesota

Because of my financial situation I am deemed judgment proof, and I am going to stop paying on some credit card debt; do I need to send a certified letter to these creditors or wait to be contacted by a collection agency?


Asked on 8/27/10, 11:26 am

1 Answer from Attorneys
Maury Beaulier612.240.8005 Minnesota Lawyers

You would be wise to spake with a lawyer. A Judgment can remain for a period of 10 years and be renewed for a 10 year period thereafter. As a result, even if you consider yourself judgment proof now, allowing devbts to proceed to judgment does not mean they will be uncollectible in the future. Moreover, judgments can be costly to remove if they occur before a bankruptcy is filed.

You should weigh your options carefullt.

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Answered on 9/02/10, 11:40 am


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