I have absolutely no money to pay- I'm trying to catch up on back rent, have no assets and thousands more in unpaid debts. I'm self employed so no garnishment is possible. What can I do? What happens? How do I answer?
2006-10-11 05:14:37 · 6 answers · asked by d w 1 in Business & Finance ➔ Credit
You first need to look up your state laws regarding judgement recovery. As mentioned by a previous responder, being self employed will not help you. Especially if your other business is not separated from your personal income. They will seize your property.
Whatever you do, you must appear in court. You do not want a default judgement entered. In many states the judge will order installment payments, so you will have to bring along some proof of income.
I do think you sould at least discuss this with a bankruptcy attorney. Not owning a home is a plus but your business assets will be included, so I'm not sure how that will effect it. I would need to know the state you live in to give much more advice.
Good luck
2006-10-11 07:46:40 · answer #1 · answered by Anonymous · 0⤊ 0⤋
You will have to go to court and the court will decide what you are able to pay. Usually you will meet with an arbitrator to try and resolve the issues before court. Because you are self employed, you are not protected. All of your income and assets will be laid before the aribitrator to determine your ability to pay the debt. You may be forced to sell assets that are considered extraneous and not needed for your business. Fnding some cash for a lawyer would be useful.
2006-10-11 12:40:36 · answer #2 · answered by juncogirl3 6 · 0⤊ 0⤋
1st Go to the hearing. By doing that you can explain your situation, but you must take proof of your financial status with you. This way you have a chance of getting an agreement to repay that reasonable, if you do not show up the cc company will obtain a judgement that will go on public record. This will affect your future credit, your ability to purchase a home, or sell property at a future date. Hope this helps.
2006-10-11 12:25:40 · answer #3 · answered by mykidsmom 2 · 0⤊ 0⤋
Don't worry. They can sieze your bank account, so that any money that goes into it must be turned over to your creditors. They can order you to sell your possessions. They can squeeze you dry.
If I were you, I'd consult an attorney and seek bankruptcy protection immediately.
2006-10-11 12:21:39 · answer #4 · answered by Larry Powers 3 · 0⤊ 0⤋
Go to court and bring proof with you that you can,t pay
2006-10-11 13:59:12 · answer #5 · answered by pattibcacl 6 · 1⤊ 0⤋
GET A LAWYER
2006-10-11 12:20:00 · answer #6 · answered by beergr8 1 · 0⤊ 0⤋