Asked in Debt and Bankruptcy
How should you respond when a law firm claims you owe a large amount of money on an old debt?
Any debt regardless of the original amount will continue to accrue interests and various "bookkeeping' charges. These are owed by the debtor. First you should ask for a confirmation of the debt from the collection attorney(s). You should also find out the Statute of Limitations on debts in the state you reside. It may be that the debt is uncollectable due to the time that has past. But, don't bet on it. Consult an attorney before you agree to any offers of settlement or sign AYTHING!