Hammered
Date: Mon, 09/20/2010 - 08:51
After many years of marriage I have discovered that my wife has been running up my CC bills and of course hiding this fact. She did the bills and my checkbook was full of fraudulent numbers too.
I understand that I have the obligation to pay them but after making several months payments I have decided to pay off the smaller card (about 5k) and to default on the larger debt (37k). I live in Texas so as I understand it about the only things they can do is to seize my bank account and put a lien on any property. Is this correct?
I didn't make this decision lightly as I believe everyone should pay their own way, but I have a child to support and am basically starting over from scratch now.
Thanks for any insight.
Hi! Welcome to the forums! I think it is better to pay off the l
Hi!
Welcome to the forums!
I think it is better to pay off the larger debt also. At least try to repay it. If you don't pay off the debt, then the creditor can sue you also. So, a lot of money will go towards the legal expenses. Apart from that, your credit score will get hit, which means you won't qualify for any loan in future. Will that be good? Are you willing to take such a risk?
Explain your financial condition to your creditor. He may consent to lower the payoff amount after hearing the case. Go through the following pages to know about the steps to get out of debt:
http://www.debtconsolidationcare.com/debt-reduction.html
http://www.debtconsolidationcare.com/negotiation-tips.html
http://www.debtconsolidationcare.com/getoutofdebt.html
You might want to negotiate a hardship program with them if you
You might want to negotiate a hardship program with them if you can. If not, see if you can work out a settlement because eventually the credit card lender for the larger account will take you to court. It would be better to negotiate a settlement, explaining to them what happened. Good luck.
