All,
This is the continuation of Steve’s story involving Farrell & Seldin and Midland Funding.
As it turns out, Steve decided not to fight the case and has a default judgement against him.
His reasoning is that he thinks he is judgement/collection proof. Here is why:
- He has few assets.
- He has no money in the bank.
- He has no job.
- He already has really bad credit.
- He is not versed in court proceedings.
Steve has a judgement against him about 8 months ago. He will have that on his record for about 6 years and 4 months. He reasoned that this new judgement will be there for about 7 years. The new judgement is adding about eight months to his credit woes. I am not sure I explained this well in the podcast.
Some people who are collection proof may be better off strategically deciding to let the judgement happen as Steve did. We will see what happens with Steve and I will keep you updated should I learn more.
Fight the Essential fight, Boiler