on social security disability many debts
Date: Fri, 11/23/2007 - 11:23
You can be sued but they will be unable to take any action again
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.
assets for example, real estate (which possibly a lien could be
assets for example, real estate (which possibly a lien could be placed against), cars and the like, checking and savings accounts.
ladybug
oh didnt get the typo.. thought asstes was some debt collector c
oh didnt get the typo.. thought asstes was some debt collector code I hadn't heard of thanx bug! :oops:
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.
