Legal Question in Civil Litigation in California
After being out of work for two years, running out of money, running out of unemployment, I'm starting to sell assets and I'm 56 years old-hardly young enough to start over again. Problem now is that two collection companies for credit card companies have sued me and I worry about leaving my money in the bank as I sell my assets. According to county records the suits are listed in El Dorado County Court as "collection-Limited". What does collection-limited mean? Will that allow them to freeze money in my bank accounts?
3 Answers from Attorneys
"Limited" means the amount of the debt (excluding interest, costs and attorney fees) at stake in each lawsuit is no more than $25,000. The plaintiffs will be able to levy your bank accounts and other assets, but only after they obtain judgments against you.
In the meantime, have you considered bankruptcy? You may be able to reduce or eliminate these and other debts. The mere threat of bankruptcy may motivate your creditors to negotiate very favorable deals with you. You should ask a bankruptcy lawyer whether this option is available to you and whether it makes sense.
Good luck.
Mr. Hoffman is correct, in that limited simply means that the amount of money that they seek from you is less than $25,000.
Answer the complaints and have a BK evaluation. This office has been successful in defending such suits to acceptable terms and even dismissing some. Contact me directly for both avenues.
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