Legal Question in Credit and Debt Law in Texas

Judgment

I have a credit card last paid on in 08/99. The issuing company (not chartered in Texas)was awarded a judgment of $7,200 about 2 yrs ago. A local legal firm (claiming a debt of $40,000 for this same account)is now demanding my last 5 yrs of bank statements, tax returns, etc. Do I have to provide that info? If I pay the amount of the judgment, will my legal obligation be satisfied? My financial situation crumbled in 1999, and I have worked very hard since then to put it back on a stable footing. The card company was not willing to work with me back then, so I focused instead on paying off or reducing some of my other accounts. Is there a time when they can no longer legally persue this account? I am finally in a position to begin making twice-monthly payments of $25.00, but wonder if I should leave well enough alone at this point. Should I make the payments, and if so, do I make them payable to the issuing card company or to the legal firm? I have also wondered if filing for bankruptcy is something I should really consider to seek relief from this judgment and the attorneys. Any information provided will be truly appreciated. Thank you.


Asked on 12/29/05, 5:55 pm

1 Answer from Attorneys
James Grissom Law Office of James P. Grissom

Re: Judgment

Sounds like they are conducting discovery in aid of judgment. If you don't give them what they are asking for, they could ask for contempt. If you can't pay this at this time, why not give them as much of this information as you can; and see what they do. You might qualify for bankruptcy, but it will likely cost about $2,000.

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Answered on 12/29/05, 6:14 pm


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