Husband has a judgment from midland funding original creditor was chase. He has 3 accounts with midland funding 1 for 5000 2nd one for 1800 and 3rd for 800 dollars . He went to court and he agreed to pay 20 bucks a month that was in October . It is May now I just looked over the amount and realized it's 7000 dollars I couldn't believe it I don't believe he owed that much to Chase the original creditor..what do we do is it to late to settle for less? Is he stuck paying 20 dollars per month for the rest of his life? Is this worth getting a lawyer for 7000 dollars?
2 Answers from Attorneys
The short answer is yes; otherwise they will roll over him like a tank, probably. The longer answer is that he migh want to consider a bankruptcy cas. The attorney fee would almost certainly be quite a bit less than $7,000.
Yes, it is not too late to settle for less. A lot less, possibly. He can ask the judge to vacate judgment if one entered, or simply file an answer and counterclaim (yes, counterclaim) if a judgment has not entered. He should consult with a lawyer to explore defenses and counterclaims.
No, he is not stuck paying $20/month for the rest of his life. It's absurd a disgrace, that American justice frightened your husband, and people like him, to enter the lion's den without representation.
Yes, it is worth getting a lawyer for this $7,000 dispute. There are cost-effective defenses to explore. There are counterclaims to explore. In all likelihood, a bankruptcy can be avoided. Of course, if there are other debts then bankruptcy becomes a more feasible option.