Legal Question in Credit and Debt Law in South Carolina

Re: Personal finance

You have a couple of options. One, try to negotiate the debt downward on some sort of payment plan. Creditors know it costs additional funds in attorney's fees and court costs to collect via judgment, and many times are willing to forgo those expenses in exchange for a written settlement and payment plan. However, they're not required to accept that offer. Two, they will proceed to file suit against you. You can either defend (either with a lawyer or pro se - by yourself), or simply not appear. If you don't appear, judgment will be entered against you on default (failure to appear and answer) for the sum claimed plus interest, and probably costs. If you do contest the case (if you have a valid defense - statute of limitations, duress, Truth in Lending Act violations, etc.), possible outcomes, if successful, are that you'd have lessened liability - or possibly no liability, depending on the defense. Or the defense could fail and you'd be right back where you were if you didn't appear. If you have no assets that aren't exempt from creditors' reach, then you're judgment proof - meaning, even assuming a judgment is entered against you, you have no property against which the creditor could collect that judgment.

I hope this helps.