My wife and I had a car repoed earlier this year and now the collection agency is treatening a lawsuit or the lender Toyota is.
I need to buy some time 3-6 months so I can pay the settled amount.
The creditor has said that want to put a lein on our home and ganish our wages.
Does anyone have a suggestion on how to get them to stop the collection/lawsuit?
We are in Ohio.
2006-12-07 07:57:42 · 4 answers · asked by Bill 1 in Business & Finance ➔ Credit
Once you start a bancrupcy action can you stop it before it takes effect?
I'm just trying to get some time to find the money to pay the settlement
I'm not behind on anything.
2006-12-08 06:31:39 · update #1
I do not know where you live but in CT - as long as you are making an attempt to pay they can not do diddly squat. Even if they threaten you w/ a lawsuit the chances of that happening are slim to none...here. BUT do yourself a favor...even if you can not pay the whole amount RIGHT now - try to pay something...100 a month. The account will remain open on your credit and will not be charged off. Creditors will see that you are trying to pay it off and not blow it off - in the long run it will look better. Most credtors will ask what happened? Say youlost you job and that was the cause of the repo but you continued to pay it off - they'll understand life throws curve balls sometimes but you did what you had to do to take care of it. It can help.
2006-12-07 08:03:19 · answer #1 · answered by R R 2 · 0⤊ 0⤋
First of all, the creditor cannot put a lien on your home or garnish your wages until they have an actual judgment. Short of filing bankruptcy, there is no legal maneuver that you can use to delay them filing a lawsuit. You can fight the lawsuit and delay entry of judgment and/or try to negotiate repayment plan.
2006-12-10 03:52:32 · answer #2 · answered by Carl 7 · 0⤊ 0⤋
The only thing that will stop a lien, law suit, or a wage garnishment immediately and dead in its tracks is a BANKRUPTCY.
2006-12-07 13:37:37 · answer #3 · answered by Anonymous · 0⤊ 0⤋
contact an attorney in your area that handles bankruptcy. They can probably help you. Even though you aren't in bankruptcy. Most attorneys that do debtor bankruptcies, also do debt counseling. It is worth a shot.
2006-12-07 08:09:15 · answer #4 · answered by purplepassion 3 · 0⤊ 0⤋