Re: Help in major debt
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Posted by LadynRed
(199.91.33.254) on March 18, 2003 at 18:40:22:
In Reply to: Re: Help in major debt posted by Jay on March 18, 2003 at 15:28:04:
First of all 16K is hardly 'major debt' compared to the 25K, 40K, 60K, 75K that some people post with. But, if your income can't support it, its too much debt, whatever it is. We have to know what state you're in to answer your question. Every state has exemptions from judgments, same as bankruptcy. This determines what they can and cannot take or garnish. If you owe 13K on a car.. they're not going to want to buy it out to get their 10K or 6K. If your state allows garnishment, then its a possibility they'll go that route, or they could garnish bank accounts. Judgments can last for a long time, 20+ years in some states. Its not what you may have NOW that matters, its what you could acquire during the lifetime of the judgment that they're counting on !
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