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I have the following debt:

TD GM VISA $25000
CIBC VISA $15000
MBNA Master-card $6000
MBNA LOC $21500
----------------------
Car loan $4000 (with my ex): (this car is under his name)
Car Loan $13500 (jointly with my spouse
---------------------------------
House purchased on May 2007
purchased price $296000
Mortgage $288000
its a joint property with my spouse

currently i am not working for my baby and physical condition (accident). now it is very hard for me to pay the high monthly credit card bill.

what can legally my creditors/ collection company do against me, when i am unemployed. Can they sue me? or take equity from our house (jointly with spuose)

2007-12-06 04:01:09 · 6 answers · asked by N C 1 in Business & Finance Credit

6 answers

If they take you to court and get a judgment they can attach bank accounts, garnish wages (if your State allows it) and file liens on any other property you may have like cars, boats, land and homes.

2007-12-06 04:04:51 · answer #1 · answered by ? 7 · 2 0

Yes they can take you to court and get a judgment. Then they can put a lien on any of your property.
You really should contact a debt agency to see if they can help negotiate lower rates with your creditors.
And if you're sitting around after a car accident hoping to sue someone in a lawsuit-forget it. What's more important, your home or waiting for some small settlement (after the lawyer gets his 40%) to come your way?

2007-12-06 04:10:40 · answer #2 · answered by Big Bear 7 · 0 0

allow me to help, you should settle those debts. you have about 70,000 is credit card debt. There is a government approved program that allow lawyers with a debt releif agency to negotiate that debt down to about 35,000-40,000. Also you wouldn't have to pay any interest which would allow you to be debt free within 2 years. Please take the initiative to let this be the break that you need. Debt relief is a god send and im glad to be a part of it. Tell every one you know once your a happy debt free consumer... able to participate in helping our economy come back. Email at for an instant response...

debtfree.asap@yahoo.com

2007-12-06 09:00:33 · answer #3 · answered by Anonymous · 0 0

You REALLY need to ask Dave Ramsey. He is now on Fox Business news channel. He has a nationwide toll free(You Need) number. His radio show is from Nashville . He was in a mess like you and is a millionaire now. Ask information for his toll free number from your phone information operator.Call him TODAY.

2007-12-06 04:08:12 · answer #4 · answered by Good-american 4 · 0 0

yes they can take equity, but only if they bankrupt you.

but first of all they will let you miss a few payments so they can drive up their charges.

go and see Citizens Advice, if they talk to your creditors it shows them you are taking things seriously and they are more likely to help out (although with MBNA I wouldnt hold your breath).

2007-12-06 04:08:16 · answer #5 · answered by alatoruk 5 · 0 0

cREDITORS CAN SUE YOU, AND TAKE PART OF YOUR WAGES. aND ALSO YOUR WIFES IF SHE IS ON THE ACCOUNT. tHEY PROBABLY PUT AN ATTACHMENT AGAINXT YOUR ASSETS IF THEY GET A JUDGEMENT IN COURT AGAINST YOU. aS FOR AS YOUR HOUSE IS CONCERNED THEY MIGHT BE ABLE TO PUT A LEIN AGAINST IT, BUT IT WOULD ONLY BE EFFECTIVE IF YOU SELL YOUR HOUSE. GOOD LUCK WITH YOUR BABY AND YOUR HORRIBLE FINANCIAL CONDITION

2007-12-06 04:16:10 · answer #6 · answered by rallman@sbcglobal.net 5 · 0 0

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