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Re: Likelihood of being sued/judgement


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Posted by Bryce Kolodziej (66.14.149.56) on October 16, 2003 at 13:44:20:

In Reply to: Likelihood of being sued/judgement posted by kappa on October 16, 2003 at 05:18:52:

Hey there, in response to your question....

I am a commercial collector, I collect from businesses. If your file says "referred to attorney" this may a) be something to scare you, or b) actually referred to an attorney. 9 times out of ten, it's a scare tactic. Depending on what the balances owed are, creditors are not going to file suit against you. Think about it: if you were to be sued by a creditor, a, they would have to locate your existence, b, they would have to file in your city / county Motion for Summons and Complaint. The constable / sherriff would have to serve your summons to you, and all this costs money. If it was to go to court, and you lost, they obtained a judgment (again, costing $$$) they would have to obtain the writ of execution in order to ENFORCE the judgment against you - which means they would have to find out WHERE you worked, how much money you made, and how much they could put a lien on your paycheck for. If you have no personal guaranty to your credit cards, and if you have no attachable assets, what are they going to do? Say you owed 10K to American Express - to do all of the above, would cost them around 2-3K, depending on where it was filed, including attorney's fees. Do you think they are going to invest MORE money into something they have about a 10% chance of recovering?


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