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What can they do?

Date: Mon, 09/04/2006 - 06:01

Submitted by gutz
on Mon, 09/04/2006 - 06:01

Posts: Credits: [Donate]

Total Replies: 4


I am 63 yr. old and my only income is from private disability insurance ($2,200/mn). My application for SS disability is in the 3rd appeal stage and may take another 9 months before a descision is reached.
In a few months my wife and I will be moving from a rented house into a trailer on our daughters campground. At that time I may no longer be able to pay my $480/mn Credit card payments ($15,000 total). I had a chap 7 bankruptcy (med bills) 6 yrs ago, so I can't file for another one yet. Even with the bankruptcy, my credit score is 594 (only neg.s are the bankruptcy).
My question is.. if I default on the credit card bills, can't file bankruptcy, and have only disability ins. income, what will be the most likely action that the credit card co.s will take?
Thanks for your help


Welcome to the forums :D Sorry to hear about your problems,but know,you aren't alone.We offer support and guide you in what you need to go through.I don't think they can issue a judgement on your govt. checks,but not sure. Ny son is on disability,and had a wreck,the dim wit is suing him. But,they are going through his insurance right now,later if they try to file aganist him on disability,don't know what will happen. But I have been told several times,they can't take govt. checks.Alot of times when I talk to my sons creditors and tell them he is on disability,I don't hear from them,or they pass his account to somewhere else.I do know that Sears has a program that they will drop interest,late fees,etc.,for a monthly payment for a year. You might talk to some of your creditors now and see what they say-Good Luck-keep us posted...Karen


lrhall41

Submitted by Bossy4455 on Mon, 09/04/2006 - 09:17

( Posts: 5854 | Credits: )


Before the creditors take any actions, have you thought working out something with them? If the creditors can understand your situation, a settlement amount can be framed for you in which you don't have to pay anything else after that. Some companies can waive off the extra fees from the total. Give a try, perhaps you will know about your options in between.


lrhall41

Submitted by IncredibleHelp on Mon, 09/04/2006 - 10:21

( Posts: 492 | Credits: )