Discover Card Suing Me
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Posted by KF
(165.121.211.34) on December 23, 2003 at 13:02:09:
Age of debt: 1/2003
State of Residence: Michigan On 12/8 I received a Summons indicating that I'm sued by Discover Card for $12,574 of outstanding debt. I have no regular income, only loan payments (irregular) that I receive from a company (incorporated) that I started in 2002 after being laid off in Nov. of 2002. The company owes me $60K (proceeds from my cashed in 401K) but of course its ability to pay me is contengent upon revenues generated, which haven't be so great thus far. I am trying to work with Discover's attorny (Buckles & Buckles in Birmingham, MI) to make arragements for payment to prevent a court judgement. I have only a few assets: a 1991 Oldsmobile Cutlass (poor contition) and a 1995 Chevy Lumina (fair contidion) car and a few shares of EDS stock. No home (we rent) and no bank account.
My wife works. Questions: 1. I have only a few days to answer the summons - should I answer (can't afford an attorny to represent me - would do it myself), or should I rely on my efforts to come to some agreement with the attorny? I will offer to pay $100 per month. 2. I hold the title of company President for my campay but don't receive a regular salary, only loan repayments that I take to pay my personal utilities, expenses for my childern etc. Is there a specific phraseology that I need use regarding these loan repayment when I communicate this to the Discover's attorny? What's my exposure? How should I handle this. Never been in this situation before, what should I do? Thanks for your help.
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