Re: Summons from MBNA

Posted by Drew (24.59.27.46) on November 26, 2003 at 14:03:04:

In Reply to: Re: Summons from MBNA posted by Indebt on November 26, 2003 at 13:09:17:

If you get an attorney for it. It is a lot of debt that they won't walk away. If you don't work out a settlement payment plan with them and I assume that there is going to be a judgment. If they know what you have they will move immediately to try and get the assets they can. If I were them and trying to get the money and your husband refused to pay and work out a settlement with them, this is what I would try and do. The first thing that I would do is order a court ordered deposition of assets. They are going to want to know what assets that you have. They know that you have a boat and camper and people with boats and campers usually have some investments or savings accounts somewhere. If I was their lawyer, I will not accept a payment plan, only the balance in full, because I would have done an asset search and I would have found that you had a boat and a camper. People with boats and campers and plenty of vehicles usually have savings accounts, stock portfolios, art collectibles, valuable jewelry, vacation home maybe, certificates of deposits somewhere that they can attach. Judgment creditors have first priority so once they get a judgment, they will then more than likely sieze the boat and the camper, and any savings accounts that they can get. They will want the most easily liquidated assets first. If you have CDs and stock, they will take that first and any savings accounts that they will have first. If you don't have anything in savings or any stock and "cash" assets or easily convertible assets, they will seize the boat and the camper. The proceeds of the sale, they will have to give you your share but they will take his. If you still owe on it, it won't matter because judgment creditors get first priority. You will have to continue making payments on it.

Depending on the shape and condition of the vehicles, they might try and snatch his car that is worth $6000 and leave him his truck. Anything in your name they will leave alone.

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