Agreed Judgment ??

[WaitNSee]

I have received an "Agreed Judgment" from the lawyer for my CU. The agreement states the amount of principal, pre-judgment interest, attorney fees and court cost, in addition to 8% interest until paid in full...requesting the court enter a judgment for the total plus post judgment interest. This is on page 1 page 2 has place for signatures. There is nothing about agreement to pay.

In the letter they say if they do not receive this back within 30 days they will proceed, costing more fees, etc. I was expecting a default judgment. I basically see nothing wrong with signing this...any comments?

I have only SS and CS retirement income and own nothing they can get. They are also asking for my exemptions and proof that these are my only sources of income, (bank account,etc). Is this the norm? Or do I need to wait for the court to ask for this information?

As stated before I don't plan to file bk at least not for a couple of years. Just want to make sure giving them this information isn't the wrong thing to do.

[treehugger1]

Sounds as if they are requesting a "judgment by confession." This is allowed in several states. I'm no attorney, but if you can't or won't pay them now, why should you even worry about them? It sounds as if your income is exempt from seizure.

I would not hesitate to send them a written and notarized declaration of your exemptions. Send them a return-receipt copy, and file a copy in your court case file, if they will allow it. They still may eventually send you legal debtor interrogatories (written debtor exam,) but I'd wait for them to do so. Once they have your declaration of exemptions and exempt assets (or declaration of NO ASSETS) they may back off.

Again, this is not legal advice. I can only offer how I might proceed.

[WhatMoney]

These agreements are also called a Consent Judgment agreements. They are looking for a cheap way to get a judgment against you and explore your assets and income with the minimum amount of effort. If you sign it you will get a judgment. If you do not sign it you will also get a judgment.

I would never recommend a client sign one of these agreements. This may also come back to haunt you when you file for BK and they try to claim you cannot discharge the debt. If you are collection proof, do exactly what treehugger suggested. This could also stop the more intrusive court ordered interrogatory if you provide them with proof of your exempt assets now.