if you admit to your dept in court, is there payment options or do you have to pay it all in one lump sum?
2007-02-18 01:47:50 · 4 answers · asked by MRS PINK 2 in Business & Finance ➔ Credit
You will most likely be able to work out payments. If you have assets, the court may order you to pay in a lump sum. If you are ordered to pay over time with payments, they will also add interest to that. If you default on the payments, you are going to get hauled back into court.
If you have not gone to court yet, you might try talking to whoever is suing you and see if you can work out a payment plan now and avoid the additional court costs.
2007-02-18 02:17:40 · answer #1 · answered by Faye H 6 · 1⤊ 0⤋
If you have the money in savings or other assets you would be best to pay it all upon a judgment being entered. If not the judgment can be paid in installments provided your petition the court for permisssion to do so. The court will determine the amount of the payment to be made if the parties cannot agree.
2007-02-18 03:43:28 · answer #2 · answered by Steven F 1 · 0⤊ 0⤋
It is up to the judgment creditor to collect the judgment. The judge cannot force you to make payments. The creditor can try to garnish your wages, put a lien on your house and other methods to collect on the judgment. The laws on collecting judgments vary by state. You can also try to reach a voluntary agreement or out of court settlement with the creditor.
2007-02-19 14:14:57 · answer #3 · answered by Carl 7 · 0⤊ 0⤋
Depending on your income, your savings and your daily commitments will determine that. If a lot of money is to be paid, a payment plan can be arranged.
2007-02-18 02:24:41 · answer #4 · answered by Yafooey! 5 · 0⤊ 0⤋