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I have an IRS lien on all my property, I am making payments but it will be years before it is paid off. I have 5 cc's that I have been unable to keep up on, last payments were made about a year ago. I just received my first summons, the amount of this cc debt is $7000. I don't know how to respond or what to say. Anyone know or have any experience with this? Do I call the lawyers office that filed and tell them about the IRS lien and that I want to settle with them now instead of them having to wait 5 years to collect. Wouldn't they have to wait that long if they won by default if I don't respond?




Depending on the state you live in judgements can last for up to 10 years with an option of renewal. If tehy can get a default judgement against you, they could feasibly let it sit there until you are in position to pay - 20 years down the line who knows. Just remember, judgements will accrue interest at the statutory rate.

Sub: #1 posted on Fri, 07/04/2008 - 01:23

NASCAR_Devil NASCAR_Devil
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(Posts: 4665 | Credits: 308.23)

I'm in Minnesota. I have tried doing some research but everything I find is in legalese which I don't understand.
I am starting to think I should get a lawyer, which I really cannot afford but I'm not sure I can't NOT afford either.

Sub: #2 posted on Fri, 07/04/2008 - 01:30

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MINNESOTA STATE LAWS

INTEREST RATE

Legal: 6%
Judgment: 5% (Changes Yearly)
Business or Agricultural Loan: 4.5% over federal discount rate
STATUTE OF LIMITATIONS (IN YEARS)

Goods Sold & Delivered (UCC): 4
Open Acct.: 6
Written Contract: 6
Transportation Service: 3
Domestic Judgment: 10
Foreign Judgment: 10
BAD CHECK LAWS (CIVIL PENALTY)
$100 or up to 100% of the value of the check, whichever is greater, plus interest at the rate payable on judgments on the face amount of check, plus reasonable attorney fees if aggregate amount of checks within 6 month period is over $1250.

GENERAL GARNISHMENT EXEMPTIONS
Greater of 75% or amount = to 40 x fed. min. hourly wage

COLLECTION AGENCY BOND & LICENSE

Bond: $5,000 to $20,000
License: Yes
Fee:
$1,000 - Initial
$400 - Annual
$10 - Per Collector

Sub: #3 posted on Fri, 07/04/2008 - 09:04

NASCAR_Devil NASCAR_Devil
Moderators Cum Industry Expert
(Posts: 4665 | Credits: 308.23)

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