Legal Question in Credit and Debt Law in Minnesota

Old judgement for credit card

I have a judgement filed against me for a credit card that was closed about 7 years ago. I believe the amount now is about $5000.00. The balance I owed on the account was much less when it was closed by the bank-about $1800. I have heard that I may be able to settle the debt for a percentage of what they say I owe. Is this possible?


Asked on 8/07/08, 12:22 pm

2 Answers from Attorneys
David Anderson Anderson Business Law LLC

Re: Old judgement for credit card

You may not have to pay anything. The debt may be barred by Statute of Limits.call or email for consult.

I have practiced in Debtor/Creditor area for 27 years.

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Answered on 8/07/08, 12:35 pm
Lesley Hoenig Lesley A. Hoenig, Attorney at Law

Re: Old judgement for credit card

You can try to settle the debt for less by contacting the creditor (the one that entered the judgment against you, whether that's the original creditor or a collection agency that bought the debt.

If there is already a judgment entered against you, the creditor may be less inclined to negotiate. When was the judgment entered? If it was entered by default recently (like within the past couple weeks), you may be able to get the judgment vacated, but you should speak to a local attorney about this.

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Answered on 8/07/08, 1:52 pm


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