likelyhood of being
Date: Fri, 01/15/2010 - 11:43
I read somewhere that creditors pull your assets to see if you own anything and dig into your personal info like bank accounts ect when deciding to sue you over a debt.I am self employed,have begun putting all my money on a prepaid debit card and I keep a $2.00 balance in my checking account. I only use my checking account to cash the personal check my clients pay me.My husband's check is already garnished for child support but his paycheck goes on our prepaid debit card as well.We own a boat worth $3000, a car worth $2000 and a truck worth $700.We have never filed bankruptcy but our credit is horrible from all the unpaid credit cards and unpaid medical bills.We are holding off on bankrupcty for 6 months for personal reasons and just praying we don't get sued before then.Im between 6 months to a year behind on my cards and my husband is about 5-6 months behind on his.One was just recently sent to collections and I mailed the debt validation letter but one is still with the orginal creditor but they are threatening to send it to collections.The other cards are in collections with CAs but i just found this forum and did not send debt validation letters to them in time. How likely is it for a credit card company or other creditor to sue us given our scenario? Are assets things you own that are paid for?
Exemption limits depend on what state you live in. As far as
Exemption limits depend on what state you live in.
As far as if they will sue or not, it depends on the credit card companies and the limit that you have charged on the card. Higher amounts tend to be an easier target as paying a collection agency little money to sue when they have good documentation.
Assets are things that you own.
Hope this helps.
