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  1. #1
    Join Date
    May 2011
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    15

    Default Would a Debt Collector Sue Knowing I Have No Assets

    My question involves collection proceedings in the State of: Michigan. Would a debt collector sue for 5,000, if I had absolutely nothing or any prospects of having anything? Is it possible that a debt collector would know of assets that I dont know about? Thanks!

  2. #2
    Join Date
    Sep 2005
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    Behind a Desk
    Posts
    98,846

    Default Re: Would a Debt Collector Sue Knowing I No Assets

    A debt collector won't know the full extent of your assets without suing, and will likely be reluctant to simply take your word for it.

  3. #3
    Join Date
    Sep 2010
    Location
    Oklahoma
    Posts
    695

    Default Re: Would a Debt Collector Sue Knowing I No Assets

    Even if you have nothing now, the debt collector can get a judgment (through the court process) so that in the event you do come into some money or other valuable asset, they can collect then.

  4. #4
    Join Date
    May 2011
    Posts
    15

    Default Re: Would a Debt Collector Sue Knowing I No Assets

    Thanks, understood, but, at what point would they discover assets that Im not aware of? If there are any. Ive been served with, "Entry of judgement" papers. Could this attorney refer me to undiscovered assets? Any advice to forestall garnishment or any other comments? Thanks

  5. #5
    Join Date
    Sep 2010
    Posts
    19,901

    Default Re: Would a Debt Collector Sue Knowing I No Assets

    They can get an judgement even if there are no (current) assets. Judgements hang around for a long time, ten years, and it can be renewed and it's put on hold while you are making partial payments on it.

  6. #6
    Join Date
    May 2011
    Posts
    15

    Default Re: Would a Debt Collector Sue Knowing I No Assets

    Thanks, thats the end of my credit for awhile. Any other comments,or advice?

  7. #7
    Join Date
    Sep 2010
    Posts
    19,901

    Default Re: Would a Debt Collector Sue Knowing I No Assets

    If you've gotten to this point, your credit stinks anyhow.

  8. #8
    Join Date
    May 2011
    Posts
    15

    Default Re: Would a Debt Collector Sue Knowing I No Assets

    Any comments on outlook? What would you do if you were in these circumstances? It seems the implications with bad credit are far reaching. Thanks

  9. #9

    Default Re: Would a Debt Collector Sue Knowing I No Assets

    This "entry of judgement", was it something that a sheriff or the court delivered or was it merely some scary looking letter that some guy sent from some collection agency that is run from God knows where?

    CAN they sue? Yes. Will they sue? Hard to say. Not too likely unless you have solid assets instead of "what if in the future" assets. (Never did get how they can just speculate or imagine someone will come into money)

    Now for them finding assets of yours that you do not know about? How it is possible that someone doesn't know they have some kind of assets? I mean unless someone hides their own money THAT well.

    Now let me tell you what happened to me -
    We had not one but two unsecured loans that were worth about $8,000 each. We were paying for a while but came into hard times. So we didn't pay anything on them for like 1.5 years and nothing every happened except the occasional scary letter or phone call.
    By that time we filed bankruptcy so I don't know if we would have been sued but after 18 months of not being able to pay on them, we never got papers.

    Now go back and look at that scary letter. Is it something saying you need to go to court or is it just some silly letter that the collection agency is using t scare you? If it is just some scary letter, I can re3commend a really good paper shreddar that is low cost and works for years and 1,000's of scary papers.

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