Q: My son was served with a summons from a debt collector Who he called try to negotiate lower amount can’t afford to pay
The debt is from a credit card he opened in 2014. He lost his job. Wasn’t able to pay his payments. He got another job minimum-wage basically not much more was not able to make the payments. Received notices of debt collection. He joined Navacore so that he could make payments within his limited means but lost that job and after making payments for over a year. Working now but has newer debt he has been paying on.Needs advice.
A:
When dealing with collection suits, the debt collector generally is going to try to get a judgment which will allow the creditor to collect the judgment from future income and assets. There are ways to settle such suits, either through paying a lump sum of money payable in a relatively shorter length of time, or to pay monthly payments over a longer time period. Unless the settlement is the lump sum variety, the creditor usually will insist on getting a judgment.
If your son cannot afford to pay the judgment, either now or in the future, it may be wise for him to consult with a bankruptcy attorney. Filing bankruptcy now may be able to help him deal with all his current obligations at once, and give him a clean slate moving forward. This could help him avoid garnishments and court collection actions in the future from this creditor and others. For more information, he should get a consult with an experienced bankruptcy attorney in his area.
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