Getting sued by creditor
Date: Thu, 12/31/2009 - 13:02
Submitted by $75,000 in credit card
on
Thu, 12/31/2009 - 13:02
Total Replies: 5
I'm getting sued by a creditor. I owed $75,000 between 7 credit cards. I have a house and a rental that are top heavy, but I want to keep them. My wife just got out of real estate, because she wasn't making enough money to stay afloat, and started going to school. We $40,000 cash from an equity line that will get her through school and keep the mortgage payments until Dec. 2013. Can we keep to that plan or would the creditors take any money in any accounts?
If we give up that cash from the equity lines, we wouldn't be able to keep her in school.
You cant have your cake and eat it too....if you file, they will
You cant have your cake and eat it too....if you file, they will want the cash to pay out to the creditors. If it is just an equity line, that will probably be closed.
Ever heard of student loans?
Hi Soaplady, I did apply for a student loan. However, the mon
Hi Soaplady,
I did apply for a student loan. However, the money in my account ($40,000), the student loans, and future possible tax returns would make it possible for Mayra to get out of school. If that money is taken, I would have to let out house go. Would a plan like that make any sense in court?
[QUOTE=$75,000 in credit card;512607]Hi Soaplady, I did apply
[QUOTE=$75,000 in credit card;512607]Hi Soaplady,
I did apply for a student loan. However, the money in my account ($40,000), the student loans, and future possible tax returns would make it possible for Mayra to get out of school. If that money is taken, I would have to let out house go. Would a plan like that make any sense in court?[/QUOTE]
I always tell people the house comes first, then the cars, then the unsecured debt such as credit cards, etc. What corporation were these cards with? Have you tried looking into debt consolidation or debt settlement (this can reduce your chances of being sued)
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Have you been served with a summons? If you have, make sure you
Have you been served with a summons? If you have, make sure you answer the complaint. Are you being sued by the OC or a collection agency? I'm guessing you are being sued for one of your cards, if that is the case you can call the creditors lawyer and offer a settlement on that one card. I would offer 20-25% and they might take that and avoid court. This way you could keep the rest of your money for now. It might be awhile before the other ones do anything, which will by you more time to come up with settlement funds. All this can be done yourself, you don't need a settlement company.
The credit card companies are nothing but financial terrorists.
The credit card companies are nothing but financial terrorists. If you do settle with them you have to pay taxes on any amount that they have forgiven you even though they have ripped you off and made it impossible for you to ever pay off the bill. But, hey let's bail them out . I have no use for any credit card company!!!!! they are all out ot get the average person.