I know they can sue me in civil court and get a judgement against me for the owed amount plus other fees. I wouldn't even be able to pay the judgements! Will the judgement cause me to have my wages garnished?
I owe 22 credit card companies over $100,000 and am only paying them $1.00 month. Sounds crazy but thats all I can afford. Please let me know. Thanks in advance!
2006-12-21 21:54:36 · 16 answers · asked by Man in Debt 1 in Business & Finance ➔ Credit
While you still have your computer and internet, go to e-bay and sell off all the things that you have, so you can repay your debts.
After they sue you, they will take away everything you own - car, house, computer and everything that you own and haven't paid for yet.
2006-12-22 00:11:01 · answer #1 · answered by Ymmo the Heathen 7 · 1⤊ 0⤋
Like you said: They can sue you in civil court and get a judgment against you. After that, they can possibly garnish your wages and attach your property (including bank accounts), insofar as there are no exemptions protecting your property. Exemptions depend on the state that you live in.
Are your creditors accepting your payments? If so, you may be able to raise an estoppel defense ("they modified the contract by accepting lower monthly payments") to any lawsuit they may file - but you must consult with a lawyer on that. Sometimes, the contract has a provision protecting creditors against this, and sometimes it doesn't.
Other things they can do:
They can also hound you on the phone and through the mail - and the original creditor can do this all they want.
They can sell your debts to other parties or hire a collector to pursue the debt.
If the debt has been sold to another party, or the debt is being collected by someone else for the original creditor, there are some limitations as to what they can do. The federal Fair Debt Collection Practices Act (FDCPA) governs this. See the link below for more information on it.
2006-12-22 06:00:04 · answer #2 · answered by bige1083 1 · 1⤊ 0⤋
For starters, ignore advice like Butterfly's about paying, and they can't do anything to you. That is a fairy tail! And you are totally messing up by paying $1 a month for two reasons.
1) It is not a reasonable payment, and will do nothing to stop late fees or prevent them from taking legal action.
2) Every time you make a payment, it extends the statute of limitations. The SOL begins from the day of the last transaction. If you can't make a serious payment, DON'T PAY ANYTHING AT ALL!
And you can expect to get lots of people preaching at you about your debt...ignore them. I don't know (or care) how you got into this position, but many people fall on hard times due to reasons beyond their control. People will still call you a deadbeat. Their time will come some day.
As for what to do, I can't help you there. You don't give your financial info or situation. Bankruptcy is definately going to be one road to take, but if you have a lot of income and property it could be a problem.
Don't worry about the effect of a bankruptcy on your credit reports....it's already trashed! What do you think a lender will do when he sees 22 delinquent credit cards, judgments, charge-offs and garnishments? You really think a bankruptcy report will hurt you more?
2006-12-21 23:08:27 · answer #3 · answered by Anonymous · 2⤊ 0⤋
Yes, those credit card companies will usually hound you for 90 days and then turn you to collections. The collection agencies will hound you for payments for what feels like forever and then turn you over for judgements and yes, your wages will be garnished, or you will be forced to bankruptcy and that could cause you to lose home, car, and reputation. There are bankruptcy laws that will show whether or not you qualify. If you have previously filed bankruptcy, you would end up in jail because you can only file once within ten years. When a creditor gets a judgement against you for garnishing wages, they can get 25% of your income until the debt is paid. Your question is a legal one and should be in the hands of a competant and experienced lawyer, not in the hands of the yahoos on Yahoo.
2006-12-21 22:39:33 · answer #4 · answered by Anonymous · 0⤊ 1⤋
They can take you to court,.. reposses anything you bought with the Credit Cards, take anything else they think will help pay off the credit cards (includeing family herlooms), and then Garnish you,.. even if your on disablity.
They will likely say if you want to settle things out of court you have to pay a certain ammount to each of the credit cards that is the minium they will accept (which could be something like 200 dollars a month per card >.< ).
They can screw with child support some how because they are heartless jerks (the places that collect when Credit Card companies don't get paid fast enough) and the government sucks right now,... giving them all this new garbage to screw you over more.
You may want to look into declearing Bankruptcy or something else (cost about $1k).
2006-12-21 22:06:10 · answer #5 · answered by sailortinkitty 6 · 0⤊ 1⤋
Thats insane. How did you get approved for over 100,000 in credit limit if only able to pay 22$ a month on them?
What can they do? Try being unable to get a auto loan, mortgage or credit card, cell phone, apartment for the next 7 years. Your credit is probably already toast.
Tap the equity in your house and get a 1% loan so you wont default on that either.
Or just file bankruptcy. It costs fifty bucks.
2006-12-21 22:02:12 · answer #6 · answered by Anonymous · 0⤊ 0⤋
The joint proprietor or co-signer if any. If the companion or yet another cardholder is in basic terms an approved person, they are not financially in charge. The creditor's series branch will attempt to collect from the valuables. maximum human beings have a very small assets to collect from and the quantity is charged off as noncollectable. If the cardholder had a credit existence coverage on the cardboard, it might pay the stability in complete yet they are very high priced!
2016-12-15 06:04:35 · answer #7 · answered by erke 4 · 0⤊ 0⤋
It looks like at this point, you need to file bankruptcy...you owe so much that you won't be able to buy anything for a LONG time and with bank. you will in 7 years. yes, they will garnish wages, keep income taxes, etc. with the overlimit fees, late fees (only paying 1.00 month..you are probably getting those) , etc..you are getting further and further in debt..bankrutpcy is your best option..
2006-12-22 16:03:41 · answer #8 · answered by chilover 7 · 0⤊ 0⤋
It's people like you that cause all of the honest people to pay higher credit card interest. Apparently you have a car and put expensive gasoline in it in order to go shopping and making these purchases but now you say you can only pay $1.00 a month.
My suggestion is go out and get another job or two and take care of your responsibilities. I have NO sympathy for you.....You're a real looser.
2006-12-21 22:11:33 · answer #9 · answered by Caesar 4 · 1⤊ 1⤋
Sleep in the bed that you make. I hate the card companies too, but come on....maybe save money by not being on the net and hock that computer. Quit living beyond your means!
2006-12-21 21:56:49 · answer #10 · answered by scotttorrez 2 · 0⤊ 0⤋