Seniors in debt

Date: Wed, 09/23/2009 - 09:58

Submitted by D. Day
on Wed, 09/23/2009 - 09:58

Posts: Credits: [Donate]

Total Replies: 7

We are seniors and have large credit card debt. Due to illness and loss of income we can't pay them anylonger. Our only income is SS and a very small pension. All we own is the trailer we live in, a car worth about $1,900, and an 11 year old camping trailer parked in NY state. I have MS and have to get out of the heat a couple of months in the summer so we stay there. We live in Florida 10 months of the year and that is our state of residence. We were going to file Chapter 7 but someone told us we are judgement proof, whatever that means and that we should just write to the credit card companies and tell them not to contact us. Is this correct and can they take the little that we have?

Quote:but someone told us we are judgement proofYup, being judgm

Quote:

but someone told us we are judgement proof

Yup, being judgment proof means that the debtor has no significant asset to satisfy a judgment in which case wining a judgment against that debtor would be a futile act.

Further, retirement benefits and social security income can't be garnished by creditors.

lrhall41

Submitted by SC on Wed, 09/23/2009 - 21:43

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Quote:Originally Posted by SCYup, being judgment proof means tha

Quote:

Originally Posted by SC

But can they take our camping trailer and car? The car is only worth about $1,900 and the trailer is 11 years old and we live in FL and the trailer is parked in NY.

lrhall41

Submitted by D. Day on Thu, 09/24/2009 - 04:39

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I too am judgment proof and all my income is legally exempt, but

I too am judgment proof and all my income is legally exempt, but some CA's do not care and try to sue anyhow, plus I informed my bank's legal department of the codes applying to my incomes and they said that they will decide if my account can be levied or not. Guess what? I am closing all my bank accounts and cancelling all direct deposits and using Walmart check cashing from now on. Plus, at Winco, you can get money orders for 23 cents. In this day and age of plastic and automated transactions, I feel safe carrying my cash and stuffing my mattress... LOL

lrhall41

Submitted by Cailly Sighs on Sun, 11/08/2009 - 16:11

( Posts: 25 | Credits: )

Also, you can research online the superior couty in your county,

Also, you can research online the superior couty in your county, they should have under local or judical forms a listing of property exempt from judgments and the limits on them.

lrhall41

Submitted by Cailly Sighs on Sun, 11/08/2009 - 16:12

( Posts: 25 | Credits: )

Cally....no one is judgement proof. And CA's do not sue. They

Cally....no one is judgement proof. And CA's do not sue. They sue you because they can...things change. You may not have the money today, but who knows what will happen 5-10 years from now.

lrhall41

Submitted by SOAPLADY on Sun, 11/08/2009 - 16:43

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True Lady, but I do know I my position in the financial food cha

True Lady, but I do know I my position in the financial food chain and that it will never be better than it is now. Given my age and disability rating (100% on four different injuries) once my youngest hits 18, my income will go down, not up.

lrhall41

Submitted by Cailly Sighs on Sun, 11/08/2009 - 16:56

( Posts: 25 | Credits: )

be careful still cailly, i know someone who is on disability and

be careful still cailly, i know someone who is on disability and had a bank levy.. his whole check was taken out. this is illegal and he got the money back but lost the money for six weeks until he did get it back.. which meant no rent money, no grocery money. i know this does not happen all the time and it should never happen but it does :(

lrhall41

Submitted by bea2ls on Wed, 11/11/2009 - 08:15

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