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What State are you in?

Was this debt SOL?

Don't forget this judgment now has its own SOL and is a new debt.

Do you have any property or assets they could seize?

If not, I'd file BK tomorrow. There is no point in waiting. It appears that what little credit you may have had is destroyed at this point.

I'd beg, borrow or otherwise get the money for a BK, especially if you have other large debts out there.

State is Michigan and debt was inside the SOL. Judgments have a 25 year SOL in Michigan, I'm pretty sure. We live in a pretty remote part of the state. Most CAs that sue don't bother coming around here, cause everybody's broke and they know it.

BK is on the table, but money isn't an issue at this time. You bring up a good point on credit. I have such a long credit history. Even with this ding and some others, I'm still at 630. We're working on repairing the wife's credit to compensate. We've used my experience as a "Teachable Moment."

Property gets a little tricky. That issue is being addressed. That's the main reason for waiting.

Honestly, what I'd like to do is drag it out awhile and offer a settlement, say $5,000, and delete the trade line. The CA left this door open for me. He mentioned settlement potential to my attorney after the hearing.

I don't think they'll take $5,000 now or delete the trade line. Maybe a year or two or three from now they might change their mind.

I have an interesting question on this topic. Reviewed my contract and the arbitration clause says nothing about losing that option . It does state survivability after a lawsuit, for whatever that's worth.

If I filed a MTC and was approved, would I be better off with the arbitrator or should I just keep going with the payments already ordered?

I attached the agreement.


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