Re: Severe Debt

Posted by Keyser Soze (205.188.208.41) on September 06, 2003 at 13:58:39:

In Reply to: Severe Debt posted by Jack on September 06, 2003 at 12:10:50:

Dear Jack;

Your home is exempt in Florida, it cannot be taken in bankruptcy or a judgement against you. Your IRA's are exempt, you each can keep a car up to 1K in value.
Avoid the shylock money lenders. They will loan you money at usurious rates based upon your debt which they will know from your credit report. An old trick they love to play with banks who hold mortgages is that of buying out the mortgage and evicting you. They can't do that with the people holding the note provided they tell these loanshark greaseballs to take a hike.
The amount of debt you have isn't all that high by today's standards. Try to settle with the Original Creditors, impress upon them politely that it's either that or bankruptcy. If they threaten to chargeoff the account and sell it to a collector - the 'stick' part of the carrot & stick approach - make sure they understand that it they do that the collector will get absolutely nothing and neither will the bank.
Why? Because you have come to the right place to learn how to protect yourself from these predatory lenders.
Bankruptcy will chop these three-legged loansharks off at their knobby stubbled knees made grimy by spending so much time upon them.

Grimily,

Keyser Soze

Follow Ups:

Post a Followup