Quick Answer: Bank lawsuits on Guam can result in judgments that override debt settlement efforts, but bankruptcy remains a viable option even after court judgments. Chapter 7 bankruptcy can discharge most unsecured debts in about 4 months, while Chapter 13 allows structured repayment plans that may reduce judgment amounts significantly.
i enrolled with Debit Remedy Solutions and they were able to help me with one of the accounts. however the bank here on Guam decided they would rather go throught he courts and were able to get a judgment against me instead. I am now left with two accounts in the court system with judgments for payments that really are more than i can afford.
Do I even have any options at this point? What is any type of bankrupcy would be a viable option and what are the downfalls to going into bankrupcy at this point? Is there a type that will not ruin me forever and a day?
Rebecca
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Debt Remedy Solutions has been out of business for about six months- They sold there open accounts to another company.
The NELA says studies in Boston and New York showed that 95% of collections lawsuits went unanswered while most of the answered suits were abandoned.
It would be nice to have more information- You paid one account off, you say you have two judgments- Most states (Guam??) will only allow a certain max payment on a garnishment Federally 25% max of ur earnings. This is often limited further by state law.
Check with a BK lawyer & compare that to the garnishment. If you can afford to pay the garnishment, pay it. If you cant go bankrupt.
Debt Remedy Solutions has been out of business for about six months- They sold there open accounts to another company.
The NELA says studies in Boston and New York showed that 95% of collections lawsuits went unanswered while most of the answered suits were abandoned.
It would be nice to have more information- You paid one account off, you say you have two judgments- Most states (Guam??) will only allow a certain max payment on a garnishment Federally 25% max of ur earnings. This is often limited further by state law.
Check with a BK lawyer & compare that to the garnishment. If you can afford to pay the garnishment, pay it. If you cant go bankrupt.
Some creditors just won’t play ball with you. They would rather sue you and try to collect on a judgment.
It sounds like your only option may be to file for bankruptcy. About 70% of people get Chapter 7 – where all your debts are removed.
It’s been said that within 2 years of bankruptcy, you can actually get a mortgage on a home. The BK may be on your credit report for 7-10 years, but it’s not the end of the world. You will get credit again, and you will finally get your life back.
Some creditors just won’t play ball with you. They would rather sue you and try to collect on a judgment.
It sounds like your only option may be to file for bankruptcy. About 70% of people get Chapter 7 – where all your debts are removed.
It’s been said that within 2 years of bankruptcy, you can actually get a mortgage on a home. The BK may be on your credit report for 7-10 years, but it’s not the end of the world. You will get credit again, and you will finally get your life back.