Pursuing a Lawsuit That Costs You Nothing
More lawsuits take place in the United States than in any other country of the world, costing the U.S. economy $264 billion annually – which comes down to $850 each year for every person in the country. This is hurting families, businesses and local communities and coming in the way of America trying to compete in the global economy. The legal system of America is the most expensive in the world.
Considering the legal liability costs in the US as a percentage of their economy, they are double those in the UK, three times those in France and five times of what Japan has. Because of such a high compulsion on the part of the Americans to take legal action the country’s is unable to compete for jobs and investment in a global economy. Not only are lawsuits proving to be detrimental to the economy as a whole but lawsuit abuse is harming workers and communities as well, throughout the country.
Now the matter of fact is that lawsuits are not limited to just businesses or in cases of accidents and malpractices. Individuals can be slapped with a lawsuit as well. A recently graduated young adult, not been fortunate enough to find a job and been doing odd chores or a part time job to make ends meet. One day he receives a lawsuit. The reason? He had been behind his private student loans. He panics. Obviously, anyone would freak out upon receiving a lawsuit.
Although uncommon, lawsuits are not completely absent in federal student loan collection and the government does not usually sue people on account of unpaid student loans, private lenders tend to use lawsuits. And you should not ignore it if you have received one even if there is no way you can repay the debt anytime soon. In fact, you do not have to repay even if you lose the judgment until; of course, your financial situation has improved drastically. You become “collection proof” which means your assets and income are quite less and you do not have to worry about them being seized.
If you are in such a situation you will probably think that you need an attorney, and getting professional help to combat your lawsuit would mostly cost you an arm and a leg. The total cost amount would probably be laughable for someone who is struggling to make ends meet. So before you go for a lawyer, check out defenses to student loan lawsuits. See if any of them apply to you. More often than naught, one of them might. If yes, well and good, you can raise the valid defense formally and defend yourself instead of hiring lawyers. If no, you can be your own lawyer. Try to ask for free advice from a professional, maybe ask someone in your circle to connect you with one if you do not personally know them.
While there are ways through which you can minimize expenses incurred due to a lawsuit, you will still have to end up paying something. A number of costs are associated with the legal service in addition to the lawyer’s fee and court costs. It is a good idea to research and find alternatives prior to signing up for a particular lawyer’ service for which you may have to end up squeezing your wallet.