Legal Question in Credit and Debt Law in New York

Judgment

Not being able to pay my sears card. I was sued by lvnv funding, asignee of sears. A few month ago they were suing me for a little over $5000.00, which is about 70% interest from 4 years. I now have a judgment for $7.276.98. from them. They restrained my saving account, which have or had $110.00. I really can't afford to pay this money. What choices do I have.


Asked on 10/21/06, 5:03 pm

2 Answers from Attorneys
Jacob Silver Attorney At Law

Re: Judgment

the best approach may be to file for Bankruptcy.

You need to have a consultation with an attorney to discuss this further. Call me for a Free Consultation.

Jacob Silver

Attorney At Law

26 Court Street

Suite - 2511

Brooklyn, NY 11242

[email protected]

http://www.silverbankruptcy.com

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Answered on 10/21/06, 10:36 pm
Guy Lewit Guy Mitchell Lewit, Esq.

Re: Judgment

While bankruptcy MAY result in the inability for a creditor to collect, if you have little in the way of assets you may not need to take this drastic step. First, if I were you I would go to the court where the judgment was obtained and file a motion to have the judgment vacated. You can ask the clerk of the court to help you prepare the papers (they are usually a two page form provided by the clerk). Once the judgment is vacated, you can defend the action anf find out why the interest was so high...and maybe work a settlement for MUCH less. OR, do nothing, since it appears you have limited assets anyway. REmember, judgments accrue interest at 9% per year...and they last for 20 years.

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Answered on 10/22/06, 1:33 am


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