| Message |
Author |
 Posted: Fri Nov 23, 2007 12:23 pm Subject: on social security disability many debts |
|
|
Help help, i am disabled and have many debts.can i be sued? My only income is 611 month.i am worried. Susu
_________________
Register today to encash debtcc points.
|
|
susu
Guest
Debtcc Points: 100
|
|
|
| Posted: Fri Nov 23, 2007 4:45 pm Subject: |
|
|
You can be sued but they will be unable to take any action against your disability check. However if you have asstes and depending on your state laws that would be their next target if they intended to go after them.
|
|
FYI
Moderator
Joined: 18 May 2006
Posts: 1731
Debtcc Points: 16378
|
|
|
| Posted: Sat Nov 24, 2007 12:08 am Subject: |
|
|
asstes?
_________________
Register today to cash in debtcc points.
|
|
Guest
Debtcc Points: 100
|
|
|
| Posted: Sat Nov 24, 2007 8:26 am Subject: |
|
|
assets for example, real estate (which possibly a lien could be placed against), cars and the like, checking and savings accounts.
ladybug
|
|
ladybug
Joined: 29 May 2007
Posts: 2709
Debtcc Points: 24625
|
|
|
| Posted: Sun Nov 25, 2007 2:15 am Subject: |
|
|
oh didnt get the typo.. thought asstes was some debt collector code I hadn't heard of thanx bug! 
_________________
Register today to cash in debtcc points.
|
|
Guest
Debtcc Points: 100
|
|
|
| Posted: Sun Nov 25, 2007 2:39 am Subject: Social Security and Debt |
|
|
You would be considered insolvent if you own no real estate and have limited assets and are living on social security. You should look for a free consultation with a bankruptcy attorney(check the yellow pages in your area), many times, Chapter 7 is the best option in your situation. I know several clients of mine that have filed because they are on a fixed income and their situation will not improve and it prevents creditors from collecting from you by putting a stay on collections and once you have filed and been discharged, they cannot sue you or come back to collect.
Filing Bankruptcy 7 will hurt your credit rating, but not paying your debts hurts your credit as well. Most lenders will give you a loan after four years from a Chapter 7 with a letter of extenuating circumstances.
Best wishes.
|
|
lostindebtat50
Joined: 24 Oct 2007
Posts: 82
Debtcc Points: 1955
|
|
|
