Sears Judgment . . .
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Posted by justin on January 21, 2002 at 23:54:09:
I live in Pennsylvania. Sears has obtained a judgement a couple of months ago against me for my low-four-figure credit card balance. After I pay my basic necessities and child support obligation, there just isn't enough left over every month to pay Sears much of anything. It's been pretty much hand-to-mouth for the past 18 month or so. My only income is my small business that provides a variable income every month. Some months are better than others. The good months are usually evened out catching up with bills left over from the bad months. I have no garnishable wages, and the value of my household goods probably doesn't exceed $1500.00. My car is 16 years old and held together by not much more than the dirt on it. I have no real property, and probably the only peice of tangible property of any value that I have is the computer system I use to run my business. It may have a value of $1000, as it is more than two years old. I have two bank accounts: one for personal use, and one for the business. I am also a credit card merchant. Any ramifications there? My question is, am I "judgment-proof?" As far as I can tell from everything I've read, my bank accounts are vulnerable, although both of them rarely have more than several hundred dollars in them. My personal account is usually under $100 I understand that I can protect the bank accounts by simply adding my children's names as co-owners. True? Are my meager household items at risk? Is the computer that I use to generate my income at risk? Thanks in advance Justin
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