summon If you have fallen prey to a debt collection lawsuit, then the Chicago debt collection defense will help you overcome this situation. The lawsuit process starts with the creditors sending you a legal notice about the debt situation and that they would like to set up a meeting and discuss how you can repay them. Hiring a lawyer will help you go to the meeting and come to a decision where your defense attorney will settle an amount you can pay. But what will happen if you do not respond to the summon?
A crucial thing about a debt collection lawsuit is that you can not choose not to respond to it. If you choose not to reply to the summon, the court will pass a default judgment. A default judgment means that the opposition automatically wins the lawsuit if you do not respond to the summon.
If the judge passes default judgment, the debt collector can freeze your bank accounts, garnish your wages, or even seize your home and properties.
Further, according to the debt collection laws in Chicago, the creditors will charge you 9% annual interest on the judgment. It might be with you for twenty-seven years.
Will the whole lawsuit end up in a trial?
Records say that 90% of the debt lawsuit ends with a default judgment. Thus making trials a rare scenario. The percentage of the debtors who end up paying the full amount to the creditors is 8%. But the other 2% they can not afford to pay back the creditors and thus end up in the trial.
Debt defense lawyers represent the 2% who end up in the courts, and it is seen that they do much better as the lawyers fight aggressively to dismiss the debts they ought to pay.
The debt defense lawyers not only help the debtors but also fight for the creditors’ rights. The debt defense lawyers know all the functionalities of cases like this. There are times when the debt collectors harass the debtors, but the lawyers ensure that they follow the FDCPA so that their clients are protected. Further, they keep a close eye on all the case details that will help countersue the creditors.