Judgement for 700 bucks?

Question

What are the chances that a creditor would take you to court for 700 dollars?

Answer 1

slim to none

Answer 2

It is not likely.

The only time the creditor will take you to court and obtain a judgment is if the creditor believes you have the ability to pay and will not. Most of the time, if you don't pay a creditor, the creditor presumes you are unable to pay. Obtaining a judgment merely adds costs to the debt they're already unable to collect.

If you have any other bank accounts with the creditor, be careful. They may have a "right of assignment" that allows them to clean out your account without obtaining a judgment (this happened to me).

Answer 3

Depends on the creditor and what the debt is for. If you owe some mom and pop that money and it is a significant amount to them, it would not cost them a whole lot to take you to small claims and get a judgment. For a large institution it probably would not be worth their lawyer's time.

Answer 4

Depends on what that amount is to them. I work for a local credit union, and USUALLY we don't file judgement for anything under $1,000. If the person was a real jerk about it, and he has property we will file for $700.

Now, if you owe the debt to a company where their average debt load is around that dollar amount, they may be more willing to do it. Our average charge off debt is more like $3-5,000.

Hope this helped some.

Answer 5

depend`s how big a company ,they will try to get something from you even half or a little less or sell the contract to somebody else..some better than nothing they say

Answer 6

Yes. They will go to a "recovery agency". This agency will go after you. I had some one go to them for $26.00 (twenty six only).