How to Handle a Crown Asset Management Debt Lawsuit in Fort Lauderdale

Life is full of surprises, and this is especially true if you are facing financial difficulties. You may have found yourself drowning in debt that is now growing out of control, and you will also accumulate fees and interest that only make it more difficult to get back on solid financial ground. If you have been getting calls from creditors and debt collectors, there is a good chance that one of the companies calling you is Crown Asset Management. Our Fort Lauderdale debt attorneys at Loan Lawyers can advise on your case and prepare a solid defense to give you the best chance of a positive outcome.

What is Crown Asset Management?

Crown Asset Management is one of the biggest ‘junk debt buyers’ in the country. The company is based in Georgia and like other debt collectors, they buy unpaid debts for just a fraction of what the debts are actually worth. After Crown Asset Management has purchased the debt, they will then pursue the debt.

Crown Asset Management will buy debts from credit card companies, but there are others they will also purchase debt from. These include banks, credit unions, hospitals, other medical providers, automobile finance companies, utility companies, and retailers. Crown Asset Management purchases thousands of these debts across the country every year.

Why is Crown Asset Management Suing Me?

Junk debt buyers such as Crown Asset Management will use many tactics in an attempt to collect on the debt they claim you owe. One of the most common ways they do this is by filing a lawsuit against you.

When Crown Asset Management files a lawsuit against you, they do so in the hopes that you will not respond to the lawsuit. This is one of the biggest mistakes you could make if you are facing a lawsuit. If you do not appear in court with a defense against the lawsuit, the judge will likely issue a default judgment for Crown Asset Management, which essentially means that they will win their case.

If the judge does issue a judgment against you, the consequences could remain with you for up to 20 years, and it will also stay on your credit report for seven years, or even longer. A judgment issued against you will make certain things in life very difficult. You will not be able to buy a home or a vehicle, and you may also be unable to get a new loan or open a new credit card account.

Unfortunately, these consequences are just a few you will face if you are not successful with your Crown Asset Management lawsuit. If the company is successful with proving that you are liable for paying the debt, they may garnish your wages, seize your property, place a lien on your home, or even take funds from your bank account.

What to Do if You are Sued by Crown Asset Management

If you have been served with a lawsuit filed by Crown Asset Management, there are specific steps you should take, as it is the only way to protect your rights and to position yourself for a successful outcome.

Again, one of the most important things to do is to not become paralyzed by fear or anxiety that will prevent you from taking the necessary action. The lawsuit will not simply go away, regardless of how much you want that to happen. Junk debt buyers are counting on the fact that you will ignore the lawsuit, as so many consumers do.

Crown Asset Management, along with other junk debt buyers, prey on vulnerable consumers that are struggling financially. When they file a lawsuit against you, they will assume that you will not respond or challenge their documents or arguments. They can take this gamble because so many consumers do not take the necessary action after a lawsuit has been filed against them, allowing them to access the consumer’s funds and collect on the debt.

Instead of ignoring the lawsuit and hoping it will go away, it is important to respond to the complaint. This will prevent Crown Asset Management from obtaining a default judgment against you. You will likely only have between 20 and 30 days to file your answer to the complaint, so it is important to take this action quickly. If you do not respond to the lawsuit in the required amount of time, Crown Asset Management can still obtain a default judgment against you.

Unfortunately, simply filing an answer to the complaint does not mean an end to your lawsuit. The complaint will also contain a summons, which will contain a court date when you must appear. Prior to the trial, you will also enter a discovery phase in which you can ask Crown Asset Management to produce documents and other evidence they are planning to use to win their case.

The discovery phase is incredibly important in a debt defense lawsuit. It is during this time that a debt lawyer in Fort Lauderdale will confirm whether the company is suing the wrong person if they have misstated the amount owed, or if the statute of limitations has expired. If the discovery process does not provide an appropriate defense, there may still be other defenses available in your case, such as filing for bankruptcy. As soon as you file bankruptcy, an automatic stay is issued, which prevents creditors and debt collectors from contacting you or trying to collect on the debt.

Our Debt Defense Lawyers in Fort Lauderdale Can Fight Your Lawsuit

If Crown Asset Management has filed a lawsuit against you, our Fort Lauderdale debt defense lawyers at Loan Lawyers can provide the solid defense you need. We will discuss your financial goals with you, advise on any potential defenses in your case, and provide a strategy for moving forward to obtain the resolution you need. Call us today at (954) 523-4357 or fill out our online form to schedule a free consultation with one of our seasoned attorneys and to learn more about how we can help.

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