Debt vs savings

[Angeleyes7715]

I have a judgement that can be collected if the company files garnishment with my new employer. I was going to try to settle for half the debt but I'd have no savings left.
I currently live with my parent and Ill be starting a new job paying about 19/hr.

I'm trying to decide if it makes more sense to try to settle the debt now and lose my entire emergency savings or just wait for them to come after me to take my money in the future so I can keep my savings for now in hopes they won't do anything. The debt is for almost 7000 and I only have half of it anyway.

 

[RC1970]

I have a judgement that can be collected if the company files garnishment with my new employer. I was going to try to settle for half the debt but I'd have no savings left.
I currently live with my parent and Ill be starting a new job paying about 19/hr.

I'm trying to decide if it makes more sense to try to settle the debt now and lose my entire emergency savings or just wait for them to come after me to take my money in the future so I can keep my savings for now in hopes they won't do anything. The debt is for almost 7000 and I only have half of it anyway.

Is there any way that you can refinance the debt?

 

[Angeleyes7715]

No idea how to do that

 

[vinsight4u]

/nvm

 

[yeshuaslavejeff]

I have a judgement that can be collected if the company files garnishment with my new employer. I was going to try to settle for half the debt but I'd have no savings left.
I currently live with my parent and Ill be starting a new job paying about 19/hr.

I'm trying to decide if it makes more sense to try to settle the debt now and lose my entire emergency savings or just wait for them to come after me to take my money in the future so I can keep my savings for now in hopes they won't do anything. The debt is for almost 7000 and I only have half of it anyway.

Either way, or in any way , always trust our heavenly FATHER to guide you AND to work ALL circumstances (good and bad ones)
out for your good, even if it is difficult for a few short decades!
HE is Faithful, HE cares for us, HE is always RIGHT and TRUE and GOOD for us.
============================
Short answer , YES , settle as soon as possible if it is at all feasible for you to do,
and make sure it is legally resolved (takes a lawyer to be sure).
This is entirely in line with Scripture, and prevents a lot more worse things from becoming possible and happening unexpectedly. (garnishments might often be done without any recourse on your part - no relief nor recovery possible and you lose everything)

 

[Unveiled Artist]

I have a judgement that can be collected if the company files garnishment with my new employer. I was going to try to settle for half the debt but I'd have no savings left.
I currently live with my parent and Ill be starting a new job paying about 19/hr.

I'm trying to decide if it makes more sense to try to settle the debt now and lose my entire emergency savings or just wait for them to come after me to take my money in the future so I can keep my savings for now in hopes they won't do anything. The debt is for almost 7000 and I only have half of it anyway.

Can you pay minimal payments or set up a payment date for X amount on X day?

They cant take money from bare trees. If it were me, personally, I would keep the emergency fund (decern what you need it for) Talk with a finacial counselor.

 

[morse86]

If the debt is payable through a credit card (or at least half of it), sign up for at least a 24 month zero interest credit card to pay it. Then pay the credit card off monthly. If you go this route, make sure to pay the entire balance off before the zero interest period ends otherwise they pay include all of the interest.

 

[vinsight4u]

/nvm

 

[RaymondG]

I have a judgement that can be collected if the company files garnishment with my new employer. I was going to try to settle for half the debt but I'd have no savings left.
I currently live with my parent and Ill be starting a new job paying about 19/hr.

I'm trying to decide if it makes more sense to try to settle the debt now and lose my entire emergency savings or just wait for them to come after me to take my money in the future so I can keep my savings for now in hopes they won't do anything. The debt is for almost 7000 and I only have half of it anyway.

I would work on a payment plan to pay them in full for the full amount you borrowed. Any other way Will negatively affect your credit and will take you years to repair.....that means double rates on loan in the future. No mortgage unless someone else is listed as well....etc... who would want to lend money to someone who will not pay the money back and then will try make a way to only give half of it back?.... No one! And if they do, they will cover themselves ten times over.

Trust in God to give you the ability to pay back what you agreed to pay in the beginning.

 

[vinsight4u]

deleted

 

[Ancient of Days]

Will they take .50 on the dollar? If so and you have the cash just pay it off. Offer it to them and see what they say. Then get a zero % interest credit card but don't use it. Put it away for emergency's only.