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Mike P | CAN C.C. COMPANIES GO AFTER MY BANK ACCT.,WAGES,OR BELONGINGS IF IM TOTALLY UNABLE TO MAKE PAYMENTS.? |
WAS RECENTLY LAID OFFAND CANNOT MAKE PAYMENTS.ITS BEEN OVER 3 MONTHS.DO I HAVE TO FILE BANKRUPTCY,OR CAN I JUST LET THIS RIDE OUT WITHOUT REPERCUSSIONS BESIDE TERRIBLE CREDIT.
Additional Details
I DONT HAVE ANY 1 C.C. WITH MORE THAN $4,000 BALANCE OWED.WILL THEY EVEN BOTHER COMING AFTER ME FOR THAT AMOUNT. |
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Grandpa
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yes they can freeze accounts if they get a judgment against you i would leave a small amount in the bank if possible so they can not get it you can file bankruptcy if you want it will be awhile so your safe for now |
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sumbumblebee
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It really depends on your contracts with your credit cards. Many credit card companies do retain the right to go after your bank account and/or wages, but only for large sums.
If the amount of debt you carry on any one card is reasonable (anything below $10,000), they probably won't come after you. Like you said, though, your credit will be ruined. Not only does it take a very long time to rebuild credit, but even trying to rebuild it in the first place is a nightmare (since you need to show a reliable credit history, but who wants to give you a credit card after your history with them?
One thin you can do to make things easier would be to call up the companies and try to negotiate a forgiveness of debt. Often, credit card companies will settle part of your account and say you no longer owe some of the money, as long as you make regular, scheduled payments according to your agreement with them.
Good luck. Hard times are catching up with all of us in one way or another. |
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Sgt Big Red
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You may be considered "Judgment Proof" during periods of unemployment or while drawing disability pay or disability retired pay. Also, if you have no assets such as home, car, land, and other big-ticket items. In other words, you have no money and can prove it!
Judgment-proof is the commonly used term but a more accurate term would be "execution-proof"! Although creditors and debt collectors win lawsuits, they still have to collect thus, if you are penniless you are insulated not from judgment but from execution (collection of the debt - at least temporarily). If you lose your "judgment proof" status due to new employment, the creditor or collector can seek a judgment and ask for a garnishment of wages up to 25% of your disposable income (in some states it's less). North Carolina, Pennsylvania, South Carolina and Texas — do not allow wage garnishment at all except for debts related to taxes, child support, federally guaranteed student loans, and court-ordered fines or restitution for a crime the debtor committed. Several other states observe maximum thresholds that are lower than the Federal guidlines.
Once you're employed again, it's better to negotiate a reduced payoff rather than risk a court-ordered judgment. The difference is your credit report will show "debt settled" instead of the more negative "judgment"!
Hope this answer is of help to you
LEGAL DISCLAIMER: The answer provided here is intended for informational purposes only. It is not intended nor presumed to be legal counsel or professional legal advice |
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hotmama
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You need to call and explain the situation to them. Most are willing to work with you. If you can't come to some sort of agreement they will take you to court and garnish your wages or tap into your bank accounts to get their money. They cant take your possessions unless you owe them that, for instance if you defaulted on a car loan they can reposes that car, but if you have anything of value the courts can make you sell it to satisfy the debt even if you have to sell it for less then its worth. Some c.c. will even forgive a portion of the loan for a lesser amount if you can pay right away. |
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alishabostonchick
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You should definitely call the people you owe, most of the time as long as you call and tell them your having issues, and just pay something, they won't do anything bad like garnish your wages. |
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Pengy
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Before that happens they will sell it off to a collection agency, they will hound you but unless they go to court for a judgment they and the credit companies cannot touch your bank account.No one can go after your belongings as the credit cards are unsecured debt. When they call explain your situation but never give them your account numbers or let them take a payment out of your account. If sold off to a collection agency dispute it they have 30 days to prove it, does buy you some time. Next if they are still adamant about it get in writing a pay to delete (for a lessor amount) to save your rating. If they are calling all the time demand per the FDCPA rules that they only contact you in writing. |
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MG425
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You don't have to file bankruptcy. But the repercussions would not only be bad credit, your creditor<s> could sue you in court and your wages could be garnished in the future when you do go back to work. If you do owe alot in bills, some people do file bankruptcy; just remember THAT stays on your record as long as 12 years. Chapter 7 wipes out all your debts, and Chapter 13 you still pay your creditors, but its alot less money you pay, you pay in one payment that fits within your income comfortably, and you make that payment to a Bankruptcy Court Trustee.If you dont do something ASAP about this, those credit card companies might just put the non payment on your credit report, or they might take you to court/sue you. Who knows? This is a credit world now. It takes at least decent credit to do anything/get anything. Good luck. I hope things get better for you. |
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maxmom56
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They can sue you, get a judgment and seize your bank accounts. While bankruptcy will stop this, don't file unless you get sued. |
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