Legal Question in Credit and Debt Law in Oregon
Served a Summons
I was served a summons that was filed in Marion Count Courthouse OR, by a California lawfirm on behalf of a Credit Card Company. The debt was charged off 9/27/04. I can't afford to have a judgement against me and have my wages garnished. They are also requesting interest in the amount 15.9%, Oregon's simple interest is 9%. Should I offer a settlement?
1 Answer from Attorneys
Re: Served a Summons
If you have no defense to the debt -- i.e. the debt is valid -- and the lawsuit cannot be dismissed for other reasons -- then it will probably be cheaper to offer them a repayment plan (based on a covenant not to execute), and it will prevent their attorney fees/costs from being racked up and added to your final bill if they are entitled by the contract or statute to those.
If you are "judgment proof" and most of your income is exempt from garnishment than you may not be as concerned about having a judgment since it will have limited usefulness.
If you own a home then the judgment will probably also automatically become a lien on your property.
You still have some options, but it's a technical area of the law and you will benefit from a lawyer's advice.
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