Really messed up. Overloaded credit cards, hardship happened, interest and payments went up. Could no longer make payments. Have been in arrears aprrox. 13 mos. Have gotten a summons of lawsuit. I donn't have anything. What can they take and how do I protect what little we do have?
2006-10-23 09:52:28 · 7 answers · asked by Barb 2 in Business & Finance ➔ Personal Finance
A lot of times credit card companies will work with you. They will decrease the amount that you owe and will reduce monthly payment amounts if you can prove hardship. The only problem is that the interest rate can be exorbitant. Depending on the total amount of debt you are in you may want to consider bankruptcy. You don't want to declare bankruptcy unless you are in debt for a large amount, $30,000.00 or more. You can talk to an attorney for free advice but DO NOT call any attorney that you see on TV commercials such as Peter Francis Gerasi. I forget if it is Chapter 7 or 13 that allows you to keep your car and/or home. After bankruptcy it will take 3 years for discharge from bankruptcy and then you will be able to get credit once again. I did all this and now I have an excellent credit rating. Good Luck!!
2006-10-23 18:05:41 · answer #1 · answered by Maggie 5 · 0⤊ 0⤋
NO...they cannot garnish your SS pay if that is your only source of income.Make sure that your name is not on anyone else bank account and that you use your own bank account for only your SS check and nothing else.If you have an joint account with anyone,get your name off NOW.They can put a freeze on your bank account,but if you can prove that the only money in there is from SS and your only source of income,they have to unfreeze it.I am going through the exact same thing myself.Depending on your state,they can put a freeze on your account before you are even aware that there was a judgment put on you,I live in PA and they have been doing it to alot of people around here.I have direct deposit for my check,so on the 3rd I get to the bank the minute it opens and withdraw my entire check.If they decide to freeze my account,they will get 16 bucks and I can still pay my rent. I completely understand where you are,I relied on my credit cards too just to have food for the end of the month.Don't feel bad,there are alot of us in the same position.I will probably have to file bankruptcy since I have no way of ever catching up unless I give up my apartment and live in my car.Good luck
2006-10-25 01:42:42 · answer #2 · answered by stellablue1959 5 · 1⤊ 0⤋
Yes-disability, EI and Social Assistance can be garnished from you.
You need to make a good faith payment to stop litigation; otherwise, you will get a judegement and that stays for 20 years on your credit report.
Make arrangements; make a small payment to initially stop them from contacting you; they can't pursue you if you are making regular payments.
Failing that, they can place a lien on your house or your car.
Good luck!
2006-10-23 17:02:42 · answer #3 · answered by ls_boissonneault 2 · 0⤊ 0⤋
hey cheech - it was the guy I was married to that got himself in the mess - I tried to tell him! lol When do they listen?? Oh well, it is not my problem any longer (divorced) and his name (NOT mine) was on those bills - yay!
2014-06-23 10:47:18 · answer #4 · answered by Barb 2 · 0⤊ 0⤋
You can be sued for this? OMG my man is in trouble.
2006-10-23 16:57:47 · answer #5 · answered by Anonymous · 0⤊ 0⤋