When financial hardship strikes, you may receive a Forster & Garbus debt settlement notice, or even a lawsuit. These lawsuits seek a money judgment against you for an unpaid debt to Forster & Garbus’ credit card client.
The creditor will be demanding you pay off a settlement amount within a relatively short timeframe, usually less than 12 months.
If certain situations, you may be able to negotiate a debt settlement agreement in spite of the creditor’s aversion to lengthy monthly payment plans lasting several years. Below are examples of certain situations in which settlement of Forster & Garbus debt cases can go relatively smooth.
Low balance Forster & Garbus Debt Collection Accounts
Many lawsuit settlements allow the debtor to enter into a monthly payment arrangement. The creditor usually prefers to keep the payment plan short (eg. Less than 12 months). This is because the bank wants to get its money sooner as well as to reduce the administrative cost of processing your payment each month. The creditor may also be leery of an impoverished person’s ability to make consistent long term payments, as the debtor’s income may be disrupted in the future.
However, if the amount of your debt is small, a monthly payment plan can allow you to pay off the arrears settlement within a relatively short timeframe. In this instance, you can avoid the pain of having a creditor reject your debt settlement offer involving several years of payments.
Forster & Garbus Debt Buyer Lawsuit Answered in Court
When you are sued by a debt acquisition company, filing an Answer in court is a helpful step toward obtaining reasonable work-out terms. This is because New York courts are skeptical of the proofs offered in these cases, and these Forster & Garbus collection matters can end up getting dismissed by the judge.
Debt collectors know their weaknesses. Even though they talk tough, they will be more anxious to resolve the account without having to prove the case at trial. Accordingly, the debt collector is more likely to approve a settlement involving an extended monthly payment plan.
The key to success in this regard is filing an Answer to the legal action within the timeframe allowed. If you have missed the deadline to respond to a lawsuit, you can file a motion and ask the court to accept your late Answer.
Forster & Garbus’ Judgment Debtor Has No Assets
If a Forster & Garbus wage garnishment and bank restraining notice do not produce any money for a judgment creditor, and the debtor does not own any real estate, you may be able to obtain more lenient payment plan terms.
A New York money judgment is enforceable for 20 years from the date of entry. While this may seem like a long time, in many situations a judgment creditor faces the prospect of being unable to recover the money owed within this timeframe.
Many judgment debtors are facing server financial hardship, and their only income for the foreseeable future is social security, which is exempt from garnishment. In these situations, the financial institution may approve a debt restructuring that allows you to pay off the balance over an extended period of time.
Further, if the judgment was entered many years ago, the creditor may not have the luxury of holding out for more lucrative debt settlement terms. With each passing month, there are fewer months available for the creditor to receive monthly payments. As such, Forster & Garbus’ plaintiff will be more inclined to start accepting your money on whatever debt repayment terms it can obtain.
Forster & Garbus Debt Settlement
Do you need help resolving your case with Forster & Garbus? Call our debt settlement law office to learn about your options for relief.