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Settlement offered by Judgment Creditor


credit911
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A default judgment was entered against me and the local superior court sent me Notice of levy Writ of Execution under money judgment and recordation of involuntary property lien. I have no assets, no property, and unemployed since 2008.

The judgment creditor offered a settlement. I have not accepted it yet as I want to make sure that the terms and conditions are properly outlined in the settlement agreement. Any help on this would be greatly appreciated.

I would like to outline that the judgment creditor

- agrees to accept payment ($xxx amount) in accord and satisfaction, which means that the debt is satisfied in full.

- As part of this agreement and upon successful completion of the agreed amount, the judgment creditor agrees:

1. that the judgment debtor be released from the debt including any interest and attorney fees, damages, or expenses incidental to the principal obligation as stated in the judgment notice.

2. to dismiss with prejudice all the judgments associated in this account including but not limited to the recorded involuntary property lien.

3. to waive all rights and claims for future collection, sell the remaining balance, or enter judgment, including all post-judgment depositions

4. upon successful completion of agreed payment, a debt release letter must be sent to the judgment debtor including removal of negative listing on credit report. In addition, a copy of entry of satisfaction of judgment by judgment creditor, followed by an acknowledgment/notice of satisfaction of judgment; the latter two must be filed to the superior court where judgment originated.

Cashing-in the checks reflecting the agreed amount paid by the judgment debtor solidifies the judgment creditor's agreement of all the terms and conditions of this settlement, hence making it legally binding.

Please help. This has made sleeping at night and breathing by the second very difficult. :(

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