If the attorney who has sued you were to win the lawsuit, the judgment against you would have some unpleasant consequences. For one thing, the judgment would remain in your credit histories for 7 years after the date that it was recorded with the court , which would have a serious and negative impact on your FICO scores, making it more difficult to get credit at reasonable terms, possibly making it impossible for you to purchase the insurance you need and maybe even affecting your ability to rent a place to live and/or get the job you've applied for
Also, the attorney would take steps to collect on the judgment -- maybe by asking the court for permission to garnish your wages or put a lien on nonexempt property that you may own, among other things.
It's not too late to try to work out a way of resolving the debt that you owe to the attorney in exchange for he or she dropping the lawsuit. For example, maybe the attorney would allow you to pay off the debt over time or perhaps the attorney would agree to let you settle your debt for less than the total amount.
If the attorney moves forward with the lawsuit, you should hire a consumer law attorney to represent you. It would be foolhardy to try to represent yourself under the circumstances.