I've been searching all over cnet for info regarding asset hearings ... anyone been through one of these before & care to share their experience??? (thanks)
I had one but the lawyer couldn't find me and the judge dismissed it. What I've been told is that the debtor wants tp orove that you can pay the debt. They probably ask financial questions and the judge will probably decide if you can pay or not. Naturally, you'll want to low ball the figures. You might consider legal counsel too. I'm not a lawyer, but this is what I've been told.
I guess that's my main concern ... Should I get a lawyer for this? The debt amount were talking here is small claims ... $1600. & my assets (lol) I rent, drive a 10yld car & work part-time!
Two comments: 1) $1600 seems like a small amount to do BK over. In my state (that may be set by feds), you can only declare BK once every 6 years. I'm not judging the value of $1600 to you, it may be a fortune to you and there's not a thing wrong with that, just pointing out that you only get one shot every so many years. Others in this forum can go on a great deal proposing alternatives to BK. I leave that to them as they are probably more knowledgeable. 2) I put some work into making all my financial information accurate and complete. The thing I remember best was the judge (or trustee, I forget which) asking his ONLY question of me: "Is all this information correct and complete ?". I've never regretted being able to say "Yes sir." I think if I had done otherwise, I may have risked being in deep doo-doo if anything came up later to reveal it. Sermon done. No, I'm not an expert, just someone who went through this 6 years ago. Hope it helps ! P.S. Lawyer could cost anywhere from $400 to $1200 as far as I know. Do you have the time and inclination to do this on your own ? There's info. out there if you want to try it on your own.
Most judges won't allow you to file BK for $1600. If you end up filing make it worth your while by running up some more bills first. You fit the term they call judgement proof. They might be able to get a judgement but it will be worthless. I would try to show the judge that they haven't validated the debt.
Aaah, I think I just realized you were talking about an asset hearing in relation to the judgement. I thought you were asking about the financial statement you have to give in bankruptcy. If so, sorry !
As for BK ... I never had any intentions of going this route for just $1600 worth of debt ... You ain't kidding that wouldn't be worth it ... BK for 7yrs of credit purgatory for just $1600 ... youch (My fault breeze, I should've mentioned this was an asset hearing in relation to a judgment!) Also... Just talked to a few lawyers & most suggest I save the money & beg the judge for re-payment terms to avoid garnishment. I'm strongly pondering the fact that this particular CA has never proved this debt... Although, I thought once you agreed to make payments you lose future leverage to validate(?) Thanks for all the input ... the gears are (finally) starting to mesh!
What state? If you are only working part time and have no assets, I seriously doubt they can garnish you. When did they get a judgment? Did you go to court and fight them? Were you properly served?
breeze... IL - I originally got a stipulated judgment & then defaulted on it ... Then they filed for the full judgment. I defaulted on the full judgment thinking I could somehow get them to cave & settle once we went back to court ... Obviously not working out as I had hoped. They just aren't interested in anything but full payment & adding court fees. (Actually, I was making payments as recent as March but stopped again once I found out they weren't updating my debt balance w/the credit bureaus, nor were they honoring my requests for receipt of payment so I'd have something to go by & prove they were in fact reducing my debt.)
So ... Am I just being too stubborn for my own good ... Should I just let this CA walk all over me? The day when this is all finally behind me can't come soon enough!
Just pay them. You signed a consent judgment and then failed to follow through. They've got all of the cards. You've run into a creditor that is determined to get paid. Just pay them and move on with your life.
BTW, don't be surprised when the ca lawyers petition the court to make you responsible for their legal fees in preparing for this hearing.
