Legal Question in Bankruptcy in Tennessee
unable to pay agreed upon monthly settlement
I have had 3 cc debts go to court, but I made an arrangement to make monthly payments rather than appear in court. My job situation has changed, unemployed! What do I do now? Everyone of them wanted them settled in 12 months, so I had high payments. Can I just send whatever I can each month and still be ''safe?'' Are they just bluffing me when they demand a 12 month payoff? Is there a time limit on how long they have to collect the judgement? Sorry so many questions?
1 Answer from Attorneys
Re: unable to pay agreed upon monthly settlement
NO, they are not bluffing you. If you don't pay as agreed, the creditor can garnish your wages, income, or bank accounts. They can chase you up to ten years. And court judgments accrue 12 % interest per year. So the judgment will only go up. You should consider bankruptcy.
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