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How do I know if and how much the law firm for Citibank paid for my debt?


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I understand Collection Agencies can be lawyers who were assigned the account from the Original Creditor. However, since OC gets a tax write off when they charged off my account and will have nothing to do with me, why is the law firm who received a default judgment against me representing them? Did they buy it? Do they get to keep everything they collect?

How much do Law firm collection agenices pay on each dollar? The law firm in Pennsylvania I am speaking is very aggressive. If I knew how much they paid then I can negotiate a very low settlement. Maybe it's not wise to give their name.

Also, and importantly. Is the Default Judgement the last word? Can the judgment be passed to yet another credit collection agency?

I AM NEW TO THE FORUM AND DON'T KNOW IF WE ARE ALLOWED TO MENTION COLLECTION AGENCIES AND LAW FIRMS BY NAME.

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First of all, how did they get the default judgement? Were you not served properly? If not, you can go back to court and get the judgement revoked. At that point, the case will be assigned a new date, and you will be expected to be present, of course.

As far as law firms, they can represent a bank like Citibank, and if they win a judgement, they get paid a certain amount of it, like a commission. And, many law firms are also debt collection agencies, who buy debts for pennies on the dollar, and then try to collect big bucks.

A default judgement wont be passed around to other CA's--if you don't try to get it revoked soon, they can and will garnish your wages, and/or put a lein on any property you may own like a home. Also, check your bank accounts ASAP--after a judgement CA's are quick to put a restraining order on accounts and freeze them.

Most importantly, what was the reason you didn't show up to court? A default judgement is not the last word, and yes you can name any CA or law firm you want--it's done all the time on this forum.

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My attorney and his partner advised me not attend the Arbitration court date because my income is exempt. I have no assets not even a car or savings account. Also, I would still have to come up with a meritorious defense and I had none. I accrued the debt and it is valid.

Yes my all my funds now are exempt but are they safe?

Thanks so much for replying so early in the morning!

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This is why the internet is sometimes more a harm than a help. So many ideas, rumors and myths floating around!

Ask your lawyer these questions. If Citibank was the plaintiff, Citibank still owns the debt and thus the judgment. If there is no garnishment in PA and you don't work or have a stram of income other than the publlic assistance, you are what we call judgment proof.

How do they know your income is exempt form execution? They don't. Have your lawyer commnicate that, if he hasn't already done so, or ask him how you do this. If you rely on the Internet oracle when you have a lawyer, you will be kept up at night for a lot more reasons. Wish you well.

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