2006-07-10 15:17:55 · 8 answers · asked by crazylarry88 4 in Business & Finance ➔ Credit
Bankruptcy. Or you can contact them about about payment options, but once they win a judgement they get pretty cocky...
Good luck.
2006-07-10 15:26:09 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Most likely they won't come to your home and and repossess any items, unless it's a car or boat or something that can be liquidated for a good sum of money, to cover the debt.
The worst thing they would do is garnish your wages. But I would check your state laws first, as a few states are exempt from wage garnishment.
If possible, try to work it out with your creditors first before it gets to this point.
Addendum: Even if the collection agency receives judgement, they can't just come over and take your stuff. They must file a Writ of Execution/Execution of Judgement first. The sheriff must notify the debtor and the debtor can file a Claim for Exemption on certain property. Even if the do file an exemption claim, the creditor can object. And f they do not file a Claim for Exemption at all, the sheriff can take everything you own and sell it, even their home.
But as I said earlier, most often they don't. It's only worth their time if the debtor has something of great value to liquidate in the first place and the creditor knows it. If dippy could read he would've saw that. "Something that can be liquidated" can mean house, car, boat, jewelry, pcs...etc. Repossess was not the best word choice, but they got the point. And there's no such thing as Execution of Cause of Action.
Go back under your rock!
2006-07-10 16:30:33 · answer #2 · answered by Celeste 6 · 0⤊ 0⤋
I am not going to go in to a long drawn out answer here because I am tired of doing it over and over again and I am tired of seeing the horrible advice and the ignorance of some people here that think they know what they are talking about.
With a judgment they can take anything of value that you OWN. yes car, truck, boat are the best to take BUT I have also taken Big screen TVs', Pool tables, High end electronics, computers. And YES THEY WILL COME TO YOUR HOUSE TO DO IT. IT is not called a "repossession" it is called "An Execution of the Cause of Action" and the creditor if they have a judgment can take anything of value to sell at auction to pay of the judgment.
email me for more info.
2006-07-11 07:11:02 · answer #3 · answered by icsowesmemoney 3 · 0⤊ 0⤋
Consult an attorney. Your only possible solution may be bankruptcy. But the law changed Oct of last year. So depending on the state you may be forced to go to credit counseling for six months before you can file.
2006-07-10 15:23:23 · answer #4 · answered by donise225 3 · 0⤊ 0⤋
You didnt mention what stuff. If its a car or boat they can easily reposses it. They will not come to your home and take your stuff. It is illegal. They wont break in either.
2006-07-10 15:21:39 · answer #5 · answered by Mr. love 3 · 0⤊ 0⤋
you better take your stuff and run
they're on their way over now
2006-07-11 08:37:48 · answer #6 · answered by Anonymous · 0⤊ 0⤋
Put it in someone else's name.
2006-07-10 15:21:19 · answer #7 · answered by miatalise12560 6 · 0⤊ 0⤋
IF IT IS COURT ORDERED FOR U TO RETURN IT THEN U MUST
2006-07-10 15:36:15 · answer #8 · answered by krysty d 1 · 0⤊ 0⤋