Still need some advie
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Posted by Pat (170.215.212.121) on July 30, 2002 at 17:18:04:
I posted this message earlier, but I still need some help here. I've been trying to collect information from this forum to help my husband & I decide what options are available to us (if any) with regard to a credit card debt and there don't seem to be any. We're running out of time and I'd appreciate some final input. My husband stopped trying to pay off a deliquent credit card in 1997. Balance at that time $2300. Fast forward to last week...he received (via the sheriff) a summons with notice for $4619.32. I called the collection attny. They are unwilling to take any less. We don't have $4600. We can scrape together about $2500 - $2800. We're considering 2 options; 1. Simply mail them the $2800 with a letter telling them that's all we have. 2. Just close our checking account and transfer our 1996 Subaru into my husband's corp. (he operates a small home-based business)and live with the lein on our home. (We have absolutely no plans to sell it) QUESTION: What happens if we do #1? If we opt for #2 can they "go after" my husband's corp.? Is this legal? I don't want my husband to go to jail over this and I do understand that we owe this company $2300, but 24% interest has made this debt out of reach for us. We live in NY. Any help would be appreciated.
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