Law suit from charge off
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Posted by Tom Tom (66.108.245.39) on July 01, 2002 at 13:57:17:
I have reached charge off
status on a number of
unsecured credit card debts that
total almost $50,000. I have
recently returned to Grad School,
where I get a stipend of about $18,000.
My wife is working part time, with an
income of about $1000 per month.
We live in Manhattan (I attend school there),
so out basic living expenses practically
equal our income. We are surving on the
remnants of my last student loan (not part
of the above-mentioned debt. I would like to know how much my debtors
could try to collect from my stipend IF
they took me to court and won both a judgement
against me and the right to garnish my wages. Given that I will be very poor for the next six
years (I am in year one of a PhD), I am wondering
if I should run to Bankruptcy at the first summons.
How dangerous is it in the long term to let a jugdement
be found against me? I don't really care about my credit report. It's
already garbage.
I would appreciate any opinions about my situation.
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