Re: BK or wait and see

Posted by WHY CHAT (12.94.40.127) on September 15, 2003 at 14:17:38:

In Reply to: Re: BK or wait and see posted by colleen on September 15, 2003 at 11:26:06:

Are the debts joint with your husband,or in his nname alone or in your name alone?

The WORST that can happen is that the CC companies will file for a judgment.

Pay your mortgage and car payments to avoid foreclosure and repossession, BK will NOT save you from either of those problems.

If the cc accounts are in your name alone, your husband's wages cannot be garnished, if they are joint, the maximum that can be taken out is 15% of his NET take-home pay, and that is only after they get a judgment.

Your home is exempt, your car etc. is exempt.
If you are sued, make sure your bank accounts are either joint with another family member (if the cc accounts are joint) or an exemption for neccessary household use is filed with the Court.

Judgments are good for 5 years in Neb.
STATUTE OF LIMITATIONS (IN YEARS) Open Acct.: 4 Written Contract: 5 Domestic Judgment: 5 renewable every 5 Foreign Judgment: 5 non-renewable

GENERAL GARNISHMENT EXEMPTIONS
Greater of 75% disposable earnings (85% if head of household), or 30 x fed. minimum hourly wage.

In addition there are STRICT requirements for collection agencies in Nebraska,so whomever has your account if the are from another State may not be allowed to even try to collect from you at all.

COLLECTION AGENCY BOND & LICENSE

Bond: Based on Lic. Solic. Less Than 5 = 5,000, 5-15=$10,000, 16-Up=$15,000
License: Yes
Fee: (not to exceed)
$250 - Investigation
$200 - Original
$100 - Renewal
$50 - Investigation Branch Office
$35 - Original Branch Office
Exemption for out-of-state collectors: Out-of-state collectors are exempt if [1] communicating by interstate means (phone, fax, mail); and [2] are "regulated" by the laws of another state.

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