2) What if I am sued and they get a judgment??

To be sued you first have to be served with a Writ or a Statement of Claim. This document outlines how much the plaintiff says is owing to him by you. There is a time period within the document allowing you to file a defence. Don’t ignore it: if you do, the creditor has an opportunity to get a Default Judgment against you, and the Court will never hear your side of the story. Instead, file a defence with the Court and acknowledge the debt (assuming the claim is correct), describe what attempts you’ve made to resolve the debt and – if you’re working with a Debt Arbitrator – specifically mention that fact. Once you file your defence, a date is set for the matter to be heard before a Judge. That date is almost always several months down the road. Make sure you appear and state your argument. If the debt is a true debt, the creditor will get his Judgment. What you’re trying to do is convince the Court it is not in anyone’s best interest to exercise that Judgment against your property, assets, bank account or paycheque, and that other options are available. And if you're actively negotiating a settlement, make that fact known to the Court: your Debt Arbitrator can provide you with a lot of information to support your position.

Judgments, by the way, can also be settled by Debt Arbitrators.

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