Re: What COULD Happen?????
[ Follow Ups ] [ Post Followup ] [ Credit Forum Index ]
Posted by JKelly
(68.163.2.72) on July 31, 2004 at 15:07:00:
In Reply to: Re: What COULD Happen????? posted by nella on July 31, 2004 at 13:18:36:
Texas is a VERY CONSUMER FRIENDLY STATE. They can not touch your home, and they can not garnish your wages. Non Exempt assets are things they can take if they sue and get a judgment against you. I'll give you a link to Texas exemptions (what they can not take) I would recommend that you do what is called informal bankrupcy. That means that you just stop paying the credit card bills. (which you already have done). They will charge off, and you will get a lot of phone calls for awhile I actually put my phone on fax for a few months. Later, I watched caller ID, and let the machine pick up. This is what I would do, I actually was in a similar position several years ago. They can't touch your house or your income, even if you had a job, Texas is a non garnishment state. What you need to do is protect your banking info. If you have ever paid those credit cards with your current bank account, then you need to close that bank account and go to a different bank and open a bank account. If these debts are joint, then it won't matter who is primary, but if they are individual debts (only one of you signed and the other was maybe authorized user) then the one who did not sign for the credit cards should be primary on the new bank account. Also, just to be on the safe side, find a safe place to put your money rather than a savings account. Here's the thing. Their is a lot of psychology in debt collection. CAs will threaten to sue, they will threaten to do things that they can not legally do. BEST NOT TO TALK TO THEM. Save yourself the stress. Considering the number of accounts that are charged off every year, a very small % of people are actually sued. Don't apply for any new credit. OPT OUT, and lay low until the SOL runs. The SOL is the statue of limitations, and after 4 years (in Texas) they can not sue you. You are going to get a lot of phone calls (which you will ignore) and a lot of mail (which you will ignore) for awhile. It will taper off gradually, until you will get very few phone calls or letters from CAs. In the end, I was sued, but I was prepared to be sued, so I filed bk at that time. A NOTE:
Just so you know. Nobody is interested in your household furnishings, electronics and so forth. They just aren't worth very much at sheriff sale. Even your vehicle isn't worth much at sheriff sale, and it is half your husbands (I think you said you owned it with your spouse) So, unless you are importing fine art from Europe, have a Sable or Mink hanging in your closet, or are in possession of the Hope Diamand........they aren't interest in your stuff. CAs like to scare people into thinking that they can come into their homes. THEY CAN NOT DO THAT. It is very very important to OPT OUT
http://www.thebankruptcysite.com/bankruptcy-exemptions/texas.php
IMPORTANT NOTE. Bk exemptions and judgment exemptions are the same.
Follow Ups:
Post a Followup
|
