Legal Question in Credit and Debt Law in Maryland

credit card debt collection

once a credit card debt has been turned over to a law firm do I still have the right to try and work out reasonable payments. what is a reasonable payment per month on $5,000.00. want to pay debt without copurt or garnishment

Asked on 3/12/04, 3:56 pm

1 Answer from Attorneys

Carolyn Gilden Krohn Law Offices of Carolyn Gilden Krohn

Re: credit card debt collection

While you do not have the "right" to work a payment plan out with the law firm, they do have the option of working it out with you. They probably will. A reasonable amount for a monthly payment depends on how much the creditor could garnish from your salary (25% of the net). If they have knowledge regarding how much you are earning, they have little incentive to accept monthly payments that are less than 25% of your net. If you can work it out with the law firm prior to any court action, and without their knowing your salary, then try to arrange either a discounted lump sum or monthly payments that you can live with.

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Answered on 3/12/04, 9:30 pm

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