2007-04-10 10:39:28 · 6 answers · asked by Jennifer D 1 in Business & Finance ➔ Credit
You would need to read your states exemption statutes.
Some states do not allow wage garnishment, others do.
Generally they cannot "take" property for unsecured debt, but they may be able to place liens on the property. Which if they do, they will get paid when you sell the property.
When/if it's turned over to collections, the collection agency may grab whatever funds you have in your bank account. (many do that even before filing a suit)
The charge offs will remain on your credit reports for 7 years from the first time you became 30 days late and never brought the account current leading to the charge off.
If the accounts are turned over to collections, the collection agencies will probably report also - though if they do, the original creditor must report a zero balance.
If they file suit and win, the judgment will also be reported on your reports.
2007-04-10 10:52:36 · answer #1 · answered by echo 7 · 1⤊ 0⤋
In a nutshell, everything.
If you do not pay, first it will be sent to collections, if you still do not pay they will sue you and get a judgment.
After that they can garnish your wages, attach bank accounts and file liens on any property you may own like vehicles, land or homes.
In the meantime your credit will be ruined.
This will continue until all debts are paid.
2007-04-10 10:50:04 · answer #2 · answered by ? 7 · 0⤊ 0⤋
If you intentionally ran up excessive charges with the idea of claiming bankruptcy a judge might give you a harsh penalty, but if you just can't afford to pay because of the loose of a job they really can't do anything. But before you do that call a credit councilor to consolidate bills.
2007-04-10 10:56:36 · answer #3 · answered by Shinning Shaft 1 · 0⤊ 0⤋
Hi,
I used "Credit Solution" to settle my debt and improve my credit score.They managed to reduce my debt up to 58%.It's legitimate.I came accross this company on NBC News Special Edition.Check it out here:
http://www.jdoqocy.com/click-1813149-10467845
2007-04-11 08:48:51 · answer #4 · answered by Anonymous · 0⤊ 0⤋
They can put you in jail eventually. They can also sue you and, although this rarely happens, they can go straight to your bank account and withdraw all your funds...they can force you to sell your house, car or whatever they can get an order for...they can also garnish 25% of your wages. You are probably going to have to go bankrupt to avoid this
2007-04-10 10:51:49 · answer #5 · answered by Anonymous · 0⤊ 1⤋
As a last resort you may be made a bankrupt which will mare the rest of your life.
2007-04-10 10:43:47 · answer #6 · answered by SGElite 7 · 0⤊ 0⤋