OC threats

Date: Thu, 10/20/2011 - 16:19

Submitted by laneclin
on Thu, 10/20/2011 - 16:19

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Total Replies: 3

My wife and I took out a small unsecured loan of $1100.00 in Texas, We signed a promissory note for repayment. Over the years we hve used this company off and on over the years and never been late or ever defaulted. I recently lost my job and my wife was injured at her work and recieves a fraction of her income via workermans comp./ temp. benefits. She too was also let go by her employer but still gets the benefits. I can no longer pay them due to my financial circumstances, Ive spoken to them to try and make arrangments , however they are demanding our past due amount and current months payment. I just got a letter from threatening a Civil suit for breach of agreement/theft of services. I understand its there right to sue. My question is , After having explained to them my situation, how likely are they to pursue this in court? or is this likely a empty threat? also I have no liquid assests, (cars, homes, bonds, ect..) My income only consists of SSDI which is for my children and my wifes Benefits all depostied into my bank acct. I only have a few hundred Dollars left at the end of the month which goes for groceries and Household items, (paper towels, toilet paper, ect..) If i am taken to court would I possibly be deemed "Judgement proof" ? and can they Levee against my bank acct. which is setup to recieve my childrens and wifes benefits?

You shouldn't consider it as an empty threat. Though you have me

You shouldn't consider it as an empty threat. Though you have mentioned your financial problem to them, they can still file a lawsuit against you in order to recover their debts. In order to garnish your bank account, the lender will have to file a lawsuit against you. However, as your bank account only has your social security income, it may be considered as exempt from garnishment. So, your lender may not be able to garnish your bank account.

lrhall41

Submitted by Anna Sweeting on Thu, 10/20/2011 - 19:41

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You are facing a tough time mate. Some creditors co-operate with

You are facing a tough time mate. Some creditors co-operate with the consumers when they are facing financial crunch and not able to make payments. But, not all. Your creditor is not at all co-operative. It is clear. Creditors can file a lawsuit against you for non-repayment of debt. However, keep in mind that wage garnishment is prohibited in Texas. Bank accounts can be garnished. Social Security benefits can't be garnished.

Check out the Texas state garnishment laws from the following page:

"http://www.debtsettlementlawyers.com/resources/debt-settlement/debt-collection/texas-wage-garnishment.htm"

lrhall41

Submitted by nandydiana on Thu, 10/20/2011 - 21:50

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here is the deal

nandy is right.your bank account is safe,and they can't garnish SSDI.however while they can't enforce a judgement.they can still get one,but that would be stupid on their part.a waste of time and money.

lrhall41

Submitted by paulmergel on Fri, 10/21/2011 - 05:22

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