I just got married and I'm trying to fix my new husband's credit. He has some accounts that are way past due. One of them is for $7,000 on a credit card and they say they are getting ready to send to an attorney. They want $700 for the next 3 months to stop the interest and we just don't have it. Can they still pass a judgment and garnish his wages if we are making payments, but only waht we can afford (About $50-$100 a month) ???
2007-11-09 03:19:41 · 5 answers · asked by . 2 in Business & Finance ➔ Credit
I know hey can, but I'm saying if I send them $50 - $100 a month can they say it's not enough and still garnish his wages?
2007-11-09 03:28:37 · update #1
If they take your husband to court and win a judgment, they can attach bank accounts, garnish his wages (if your State allows it) and file liens on any property he may own like cars, boats, land and homes.
Additional information:
Yes they can, since in most States Federal law applies and this allows them to take 25% of your husbands gross pay.
2007-11-09 03:24:33 · answer #1 · answered by ? 7 · 2⤊ 0⤋
What is considered way past due? If it is over 4-5 years check out the statute of limitations in your state, if the debt is over that, and they take you to court that defense will nullify their being able to get the money, yes it will remain on your credit report but is basically noncollectable. Sorry do not remember the site to check for each states rules, but you should be able to Google it. (most are either 4 or 5 years)
2007-11-09 08:41:17 · answer #2 · answered by Pengy 7 · 0⤊ 0⤋
Yes, unfortunately, they can. Most companies will try and work with you because court costs them money. Call them back and ask them if you can get some kind of graduated payment plan.
Barring that, look at a consolidation loan that would pay off his debts and get you some smaller payments and less interest. It would get rid of the immediate problem and save you some cash in the long run.
2007-11-09 03:30:43 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Yes they can. You have to make at least the min. payment. Anything less than the min. and you are in default and they can sue. Will they? Probably not.
Check out daveramsey.com and listen to his radio show or watch him on Fox Business News Network. He has lots of great advice on money and debt.
2007-11-09 03:42:05 · answer #4 · answered by heybulldog 5 · 0⤊ 0⤋
I strongly suggest you call a Bankruptcy Attorney and see what they can do. I wouldn't wait until they filed. Better to be safe than sorry later.
2007-11-09 08:49:16 · answer #5 · answered by Anonymous · 0⤊ 0⤋