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Can a debt be settled after being garnished?

1 Answers. Asked on Jan 24th, 2017 on Bankruptcy - Michigan
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I live in Michigan. I had a judgment entered against me. The amount owed is a large amount. I have since been garnished and have paid over half of the original amount of the debt. Since then the accrued interest and other fess have made the balance an unbearable amount to pay. I'm not trying to erase the debt but I want to offer a settlement of about 40% of the current balance. If I pay this amount along with the amount that I have already paid it will equal more than the original debt. Is this something that can happen? Can I file a motion for a judge to accept the settlement?
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Answered on Jan 27th, 2017 at 6:45 AM

The judge can't compromise the amount, but, depending upon your financial situation, you may be able to get the creditor to do so if you can convincingly threaten bankruptcy. You may also just want to file bankruptcy if your situation makes that a good option. Good Luck. See a good local bankruptcy lawyer for either path.

David J. Hutchinson 106 N. 4th Ave Ann Arbor, MI 734-930-9000

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If you're struggling to pay off your delinquent debts and getting hounded by collection agencies, then it's time to address your financial problems. And filing for personal bankruptcy may be the ideal solution. Whether you're an individual or married couple considering Chapter 7 or Chapter 13 bankruptcy, or a business considering a Chapter 11 reorganization, or a farmer considering Chapter 12, you need the advice and guidance of an experienced bankruptcy attorney. Your lawyer can help determine which form of bankruptcy is right for you, prepare and file all of the paperwork, and advise you throughout the bankruptcy process.
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