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I have credit card debt that I am either temporarily or permanently
unable to pay. My only income is from imilitary retirement pay and
social security. My only assets of consequence are a home with some
equity and 2 autos, one leased, one with no equity. I can make my
home and car payments and household expenses from my current income.
What recourses do the credit card companies have?
Thanks for your help.
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In article <tshhu31o1ei8keaicdtb9jta3rm8f4d2st@4ax.com>,
It Wuznie Me <jillandgordon@sbcglobal.net> wrote:
I have credit card debt that I am either temporarily or permanently
unable to pay. My only income is from imilitary retirement pay and
social security. My only assets of consequence are a home with some
equity and 2 autos, one leased, one with no equity. I can make my
home and car payments and household expenses from my current income.
What recourses do the credit card companies have?
They can certainly get a judgement against you, and go after
your bank account. They will not get much, but they can
sure hassle you.
So why not give up the leased car and use that money to pay
your debt? Being retired does not give you the right to
steal from other people.
-john-
--
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John A. Weeks III 612-720-2854 john@johnweeks.com
Newave Communications http://www.johnweeks.com
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On Tue, 25 Mar 2008 05:37:09 -0400, It Wuznie Me
<jillandgordon@sbcglobal.net> wrote:
I have credit card debt that I am either temporarily or permanently
unable to pay. My only income is from imilitary retirement pay and
social security. My only assets of consequence are a home with some
equity and 2 autos, one leased, one with no equity. I can make my
home and car payments and household expenses from my current income.
What recourses do the credit card companies have?
Thanks for your help.
The recourse of the creditor will depend on how much equity you have
and your state's exemptions. See a lawyer with experience in
creditor-debtor issues for advice.
Daniel Reitman
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On Wed, 26 Mar 2008 07:14:46 -0400, "John A. Weeks III" <john@johnweeks.com>
wrote:
In article <tshhu31o1ei8keaicdtb9jta3rm8f4d2st@4ax.com>,
It Wuznie Me <jillandgordon@sbcglobal.net> wrote:
I have credit card debt that I am either temporarily or permanently
unable to pay. My only income is from imilitary retirement pay and
social security. My only assets of consequence are a home with some
equity and 2 autos, one leased, one with no equity. I can make my
home and car payments and household expenses from my current income.
What recourses do the credit card companies have?
They can certainly get a judgement against you, and go after
your bank account. They will not get much, but they can
sure hassle you.
So why not give up the leased car and use that money to pay
your debt? Being retired does not give you the right to
steal from other people.
Asking about what recourses a credit card company has is not
"stealing," nor is actually acting on such advice, should the answer
be "nothing" or "very little." Nor is even defaulting on one's debts
entirely "stealing," even if doing so is entirely unjustified.
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It Wuznie Me wrote:
I have credit card debt that I am either temporarily or permanently
unable to pay. My only income is from imilitary retirement pay and
social security. My only assets of consequence are a home with some
equity and 2 autos, one leased, one with no equity. I can make my
home and car payments and household expenses from my current income.
What recourses do the credit card companies have?
Thanks for your help.
You didn't say how much you have in credit card debt. What any given
company may or may not do depends on how high a balance you are walking
away from. A couple few grand? Probably sell it to a collection agency.
Multiple tens of thousands of dollars? The company is more likely to
take direct action than sell off the debt. They could seize and assets
in your bank account(s), seize the cars, and put a lien on the house
that will be subject to interest accrual.
Whatever your situation is DO NOT ignore the debt. All you do is
reinforce the perception that you will not pay if you fail to
communicate with the card holders and/or don't show up for any Court
hearings. Your social security income might be judgment proof, but
that's it. And if you don't show up for any Court hearings regarding
attempts to collect the debt or discovery of assets, hairs will not be
split over what is in your bank account(s) that might be SS income and
what might be "other."
Judgment proof you ain't... I would look at your budget really hard and
find a pro-active way out of whatever mess you got into.
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On Mar 25, 5:37=A0am, It Wuznie Me <jillandgor...@sbcglobal.net> wrote:
I havecreditcarddebtthat I am either temporarily or permanently
unable to pay. =A0My only income is from imilitary retirement pay and
social security. =A0My only assets of consequence are a home with some
equity and 2 autos, one leased, one with no equity. =A0I can make my
home and car payments and household expenses from my current income.
What recourses do thecreditcardcompanies have?
Thanks for your help.
While it is true you are not judgment proof. It was incorrectly stated
by another poster that they could go after your bank accounts. That is
entirely untrue in every state in the union. Some banks have illegally
absconded of funds from a bank account when the account is in the same
bank as the credit card bank. Our service offers absolute asset
protection along with the means to legally walk away from the debt and
negotiate later for about a dime on the dollar. Even if you do
nothing, the only means of enforcing a judgment is through wage
garnishment. Yes your credit will be trashed, but that only matters to
you if you have some future financial goals to pursue. Again our
program will afford you the ability, with the financial power you'll
possess, to clear those accounts for pennies and by written agreement,
have the collectors recognize the accounts as paid in full, with a
zero balance and properly reported that way to the credit reporting
agencies.
Now, how good would that look on your credit? and how would you feel
about escaping the devious banks' greed of egregious interest rates
surpassing 30% an paying them off for ten cents on the dollar for
money they never loaned in the first place?
Find out all the details by visiting http://www.zeroccdebt.com
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Sun, 30 Mar 2008 07:57:45 -0400 from FinTech <aaaisp@techemail.com>:
It was incorrectly stated by another poster that they could go
after your bank accounts. That is entirely untrue in every state in
the union.
"Entirely true", you mean. If you don't pay a judgment, the winning
plaintiff can ask for supplemental proceedings. You are hauled into
court for an examination of assets, and if you have a bank account
the court can order the bank to pay out the full amount of the
judgment (or your balance, if that is lower).
Some banks have illegally absconded of funds from a bank account
when the account is in the same bank as the credit card bank.
I'm sure that at some time some banks have done this. But many years
ago banks started including in their cardholder agreements a
provision that the bank could take money from your deposit account to
satisfy an unpaid credit-card bill. I don't believe there has been
any statute disallowing that practice.
Our service offers
Thanks for the commercial.
--
If you e-mail me from a fake address, your fingers will drop off.
I am not a lawyer; this is not legal advice. When you read anything
legal on the net, always verify it on your own, in light of your
particular circumstances. You may also need to consult a lawyer.
Stan Brown, Oak Road Systems, Tompkins County, New York, USA
http://OakRoadSystems.com
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In article <b00vu3h1j7kev2ek0sduqchfv1v573csqg@4ax.com>, aaaisp@techemail.com
(FinTech) writes:
[...]
| It was incorrectly stated
| by another poster that they could go after your bank accounts. That is
| entirely untrue in every state in the union.
Are you suggesting that creditors cannot attach bank accounts after
obtaining a suitable judgement or just that they cannot do this
pre-judgement?
| Some banks have illegally
| absconded of funds from a bank account when the account is in the same
| bank as the credit card bank.
Are you saying that the typical right of offset provided in many
banking contracts (where the bank says in effect that if they think
you owe them money in connection with one relationship they can take
that money from an account connected with a different relationship
between the same parties) cannot be legally exercised?
| Our service offers absolute asset
| protection
Since you seem to be advertising some service I'll ask my standard
question. Do you offer checking accounts that refuse ACH debits?
Dan Lanciani
ddl@danlan.*com
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