My wife and I were previously involved in an auto

My wife and I were previously involved in an auto accident lawsuit as plaintiffs. Unfortunately, the suit did not end in our favor. The judgment was filed 1-2-2008, the memorandum of costs was filed 2-10-2008. Within the last month, we received a correspondence from a law firm that represents the original creditor. This law firm is seeking to collect costs. Obviously if we go bankrupt or refuse to pay these costs, our credit will be hugely impacted to the negative. How would our credit be impacted if we were to implement a debt settlement, meaning setting up a monthly payment plan or paying a discounted lump sum? How many credit points would we lose on each? How long will it for our credit to recover?

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You were sued?  Or someone sued you?

 

The judgment itself has already negatively impacted your credit.  Also refusing to pay may not be an option....the judgment itself allows remedies such as wage garnishment and bank account levies.

How much do you owe?  Is it worth going bankrupt?  You need to be talking to the attorney handling the debt to see if he will accept payments or will settle. 

Keep in mind filing bankruptcy is going to cost $1500-$2000

 

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