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If sued by collection what will happen?

Updated: 8/17/2019
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14y ago

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If they get an award from the court (note that some collectors threaten law suit even though they might not have a good chance of winning an award), depending on your usual income and any equity in assets that could be liquidated to pay a settlement / award, then certain types of your property can be liquidated by court order for payment. Consider filing bankruptcy now. An excellent primer about either chapter 7 or 13 bankruptcy is "The New Bankruptcy, will it work for You?" 3rd edition by Stephen Elias, published in 2009 by Nolo; 346.078 E42N Dewey decimal. Also you might contact a paralegal or lawyer specializing in filing bankruptcy in the state of jurisdiction.

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