I am in Los Angeles, CA. So I am being sued by a debt collector for a credit card I defaulted on in 2015. It was a valid debt, within statute of limitations, and I was properly served in 2018, but I sort of just never acknowledged it. Never went to court or anything. Fast forward to this week, I get in the mail a "Memorandum of Costs After Judgement, Acknowledgement of Credit, and Declaration of Accrued Interest". That prompted me to look at the case file on the city website, and see that a "Writ of Execution" was filed on December 2nd.
From some preliminary research, I'm seeing that they can levy my bank account. What would be the time frame on that happening? My average daily balance is far under the amount I owe, so they would literally get like a few hundred dollars on any given day.
From my understanding, I can file a claim of exemption, protecting certain funds, once a levy hits, but I'd rather not have to deal with a frozen bank account for however long that process takes. I work as a delivery driver (1099 contractor), using my own vehicle to deliver food, so I need liquid funds for gas so I can work.
If I contact them directly, would the debt collector likely to be open to an installment plan for the full amount? I'm planning on offering to pay them a few hundred a month to convince them to stop the levy, and knock out this debt within two years.