What should I do about Asset Acceptance lien on savings account?
About 2 years ago, asset acceptance attempted to get a judgement against me for 32500 in marion county, florida. I was able to rebuttle the judjement attempt but one year later they came back with a new unbelievable legal defense which I was unable to rebuttle at the time. Anyway, the judjement went through. It seems as though they would check and see if I was actually worth the time and trouble, since I have Zero assets , 50.00 in the bank at various times after bills and an old 2008 nissan sentra with 120000 miles on it which i owe 6000 dollars on it and it's worth 3500. I had opened a checking account with regions bank for my 1200 a month s/s check and put five dollars in a savings account ( hoping to build it up but never did). Well, today I get a letter that Asset Acceptance decided to have the court put a $32500 lein on my five dollar savings account that has never had more than five dollars in it. Really, I just don't know what to do. None of my other accounts are on the letter so they can't touch my s/s. The house I live in is on the brink of for-closure and I've had it up for short sale. I owe 250000 on it and it's worth 118000. Please help me if you can I talked to a person at the bank and he said I can't just close the savings account. Well, Every time Asset tries to take money out of the account, the bank charges me $100.00. I said you have to have at least five dollars in it to keep it open, who's going to keep paying the hundreds of dollars? Thanks for your assistance. Al
What should I do? Please help. Thanks
—al
It sure will take Asset Acceptance a while to collect on a 32k judgment at 5, or even 100 dollars a clip. I am curious about what you did to beat back the judgment the first time, and what they brought forward the second time that helped them to get win.
Settling debt with Asset Acceptance
One option to handle the Asset Acceptance judgment would be to settle with them. Given the circumstances you would need to be able to pull together a hefty sum of money (settling judgments typically takes more money than settling a debt without). But from the sounds of it, you are not in a position to come up with the amount of money they would accept. You mention your only source of income is social security, and that your home is underwater and up for short sale. These conditions could make for a better than average result in a settlement. But I am still talking about a healthy sum.
Have you considered bankruptcy? If you can qualify for chapter 7 where the debt with Asset Acceptance can be discharged, it would prove to be the least costly route. A straight forward chapter 7 bankruptcy will run you less than 2k all told. If you have other credit card debts, those could be discharged as well. There may even be benefits with the bankruptcy that would apply to any hangover from a short sale or foreclosure.
Have you consulted with a bankruptcy attorney? If not, that should be your next step. You may learn something that gives you pause, or may learn it is exactly what you want to do.
If you have additional questions, please post them in the comment section along with your reply to my questions above. Anyone reading that is dealing with debts Asset Acceptance is collecting is welcome to post in the comments below for feedback.
About Michael BoveeMichael started CRN in 2004 with a mission to provide people in need with detailed debt and credit help and education. Michael has participated as an expert panelist in federal consumer protection rule making, collaborated on state law changes governing debt consolidation, has worked as an expert witness in court matters related to the debt relief industry, and is a regular contributor to several personal finance websites.
