Did you recently discover that Goldman Sachs Bank USA is suing you for debt collection in Texas? At Warren & Migliaccio, we help individuals across Texas resolve collection lawsuits. We understand that you may be feeling a variety of emotions like stress, confusion, or fear. However, you have legal options to put the lawsuit behind you. Below, we discuss what to know and steps to take if facing a Goldman Sachs lawsuit for debt collection in Texas.
What Is Goldman Sachs Bank USA?
Goldman Sachs Bank USA, commonly referred to as Goldman Sachs Bank or Goldman Sachs, is a subsidiary of Goldman Sachs Group, Inc. Goldman Sachs Group, Inc. is a global investment banking and financial institution founded in 1869. It has its headquarters in New York City.
Goldman Sachs Bank USA offers various financial services to its clients. Its clients include corporations, governments, financial institutions, and consumers. Regarding its consumer products, Goldman Sachs offers savings, lending, and investment services. It offers these services through its subsidiary Marcus by Goldman Sachs.
Additionally, Goldman Sachs offers a couple of co-branded credit cards. For example, in 2019, Goldman Sachs and Apple launched the Apple Card. The Apple Card is Goldman Sachs’s first consumer credit card. It also offers consumers a General Motors co-branded credit card called the My GM Rewards® card.
What Is Marcus by Goldman Sachs?
Marcus by Goldman Sachs is the consumer banking and borrowing division of Goldman Sachs Bank USA. Launched in 2016, Marcus is an online-only bank that offers financial products and services to consumers. However, Goldman Sachs has announced upcoming organizational changes that may affect Marcus.
According to its website, Goldman Sachs Bank USA provides fixed-rate personal loans from $3,500 to $40,000. However, it has actually ceased its consumer lending. Its Marcus website states that it no longer accepts personal loan applications without an invitation code.
Why Is Goldman Sachs Bank Suing Me?
Being sued by Goldman Sachs or any creditor typically means they believe you owe them a debt and are taking legal action to recover it. This debt might be related to a personal loan or a co-branded credit card, like the Apple Card.
For example, suppose you have a personal loan with Marcus by Goldman Sachs. If you have not made payments, Goldman Sachs may pursue litigation to recover the outstanding amount.
If Goldman Sachs Bank USA sues you, you will hear from its lawyers. Goldman Sachs hires law firms that specialize in debt collection to handle its collection efforts. It often works with the law firm Zwicker & Associates, P.C.
Zwicker & Associates is based in Massachusetts. However, it handles debt collection lawsuits on behalf of creditors and lenders in Texas.
What to Do if Being Sued by Goldman Sachs Bank USA
After being served with a debt collection lawsuit, our Texas debt defense attorneys understand you may be stressed and unsure about what to do now. The best way to protect yourself is to act promptly. We recommend the following steps:
Consult With an Experienced Texas Debt Defense Attorney
While it is possible to handle a debt collection lawsuit on your own, the consequences of a mistake can be severe. Mistakes may lead to a judgment against you, bank garnishment, or liens on your property. An attorney can provide invaluable insight and guidance to ensure you protect your legal rights and best interests.
During a consultation, we can review the claims against you and guide you on the immediate next steps to protect yourself from a default judgment. We can also discuss your potential legal options to resolve the lawsuit. Depending on your situation, your legal options may include challenging the lawsuit, negotiating a settlement, or in some cases, considering bankruptcy.
File an Answer With the Court
You should prepare and file a written response to the Goldman Sachs lawsuit, known as an “Answer,” with the court. The amount of time you have to file your Answer depends on the court handling your case.
If a Texas county or district court oversees the case, you have 20 days to respond. If a Texas justice court handles the case, you only have 14 days to file your response. You must also send a copy to Goldman Sachs Bank’s attorney.
It is imperative not to miss your deadline. Otherwise, Goldman Sachs could obtain a default judgment against you. With a default judgment against you, Goldman Sachs would win the case. Goldman Sachs could then pursue bank garnishment, liens on your property, or property seizure to get its money.
At Warren & Migliaccio, our Texas debt resolution lawyers can help you prepare and file your Answer. We can ensure you do not miss important deadlines or make any mistakes in your Answer that could hurt your case.
Does Goldman Sachs Settle Debts?
You may be able to reach a Goldman Sachs lawsuit settlement. Generally, a settlement will include either a lump sum payment or installment payments to pay off the debt. You may be able to settle on an amount that is less than the total amount claimed, with the remainder of the debt forgiven.
However, consider consulting with a Texas debt resolution lawyer before you settle with Goldman Sachs. We can review the Goldman Sachs lawsuit against you and help you determine your best legal options to resolve the case. You may have a strong defense to challenge the lawsuit, get the case dismissed, or win the case.
Contact Warren & Migliaccio to Schedule a Consultation With Our Texas Debt Collection Defense Lawyers
Warren & Migliaccio helps individuals all over Texas resolve debt collection lawsuits. If you are facing a Goldman Sachs lawsuit for debt collection, do not hesitate to reach out to us about your situation. We can review the claims against you, help protect you from a default judgment, and help you understand your legal options for resolving the case. Call our Texas debt collection defense lawyers at (888) 584-9614 or contact us online to schedule a consultation today.