Should I file for bankruptcy? I have explained to creditors

Submitted by bsnayd on Mon, 01/04/2010 - 20:29
Forums

I am on SSI for a disability and have been in and out of hospitals for years. I had been making payments, but when I realized my bill continued to grow dispite the fact that I was no longer using the card I stopped making payments. Now I owe close to $11,000 on a card that initally had a limit of $5,000. I dont know what to do.
I spoke to credit management company and they told me I was judgement proof. What does that mean?
Also I live in FL, but the billing address for the card is in MA. Where will I have to go to court?

Hello and welcome,

Have you spoken with anyone from the credit card company and asked for a type of debt settlement? You could call then up and explain your situation and ask to somehow settle this debt for a lesser amount. If you can not afford this then you may have to let the debt go to court or file bankruptcy. I believe they are saying you are judgment proof means that the company may take you to court and get a judgment but they will not be able to attach your social security wages. Social securitry money can not be attached unless it is for taxes or child support.

Mon, 01/04/2010 - 22:10 Permalink
Anonymous (not verified)

I have not spoken with the credit card company because the lawyer that had called to collect the debt told me the case was no longer handled by the credit card company. I did explain my situation however they were very persistent in requesting that I pay in full. They did say I could submit a down payment but the amount they wanted was more than I was able to pay. I told them I had been advised to file for bankruptcy but unless I had a case number I was told to pay a certain amount by the end of the day. She told me "I have a roof over my head and a cell phone to be talking on so I should therefore have the means to pay this debt"

Tue, 01/05/2010 - 01:02 Permalink

Wow see how rude they can be of course you have a roof over your head. That would be the first thing I made sure of as well as anyone else. I can not believe she said that. But any way if they are not willing to work with you and you can not afford to pay what they are asking. The only other thing I can see you doing is filing bankruptcy. I hate to have to tell you that because it affects your credit for 10 years. But some times it can not be helped and I don't know if any one else can think of another way to handle it or not. I'm sure someone will be on shortly. Just hang in there.

Tue, 01/05/2010 - 04:41 Permalink