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Several questions

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simon



Joined: 21 Feb 2010
simon's page
Posts: 8



178 Magic Points

Subject: Several questions
 
Posted on Thu Sep 23, 2010 3:02 pm  

hi,

I live in NYC & have a lot of credit card debt.
all the account has been charged off since last year.

after court judgement, pay check & bank acct can be garnished.

but can they put a judgement against my house (still paying mortgages) and my car ?

lastly, i'm thinking about filing for chapter 7 bankruptcy.
would this be possible even if I have a house under my name?

how much does it cost to file for bankruptcy ?

thanks
Aaron

Aaron

Joined: 08 Feb 2010
Aaron's page
Posts: 2632



48565 Magic Points

Subject: credit card judgment
 
Posted on Fri Sep 24, 2010 7:06 am  

Hi simon,

Welcome to this community Smile

Quote:
but can they put a judgement against my house (still paying mortgages) and my car?
Yes, if the creditor wins a lawsuit they can put judgment against your house, that is a lien against your house and car. You house and car can't be taken away by your creditor but you won't be able to sell those till the lien gets removed. The lien can be removed only if you pay off the judgment amount.

You have mentioned that you are still paying your mortgage and the judgment is only for credit card debts. Can you provide your outstanding debt amount? Why are you thinking of filing bankruptcy? Do you think you are going to default on your mortgage payments?

Thanks,

Aaron
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simon



Joined: 21 Feb 2010
simon's page
Posts: 8



178 Magic Points

 
Posted on Fri Sep 24, 2010 3:05 pm  

THank you Aaron.

yes i am still paying for my mortgage.
credit outstanding balance is about 50,000 dollars.
my family is paying for the mortgage that's under my name.
I only have a little income in cash. no checks.

any sugguestions?
Aaron

Aaron

Joined: 08 Feb 2010
Aaron's page
Posts: 2632



48565 Magic Points

Subject: debt consolidation
 
Posted on Sat Sep 25, 2010 8:48 am  

Hi simon,

You are welcome Smile

You have several credit cards and so you can try consolidating your debts. While you consolidate your debts, all are consolidated as a single debt. thus, you are required to make a single monthly payment instead of one. The interest rate too gets lowered.

For more details on credit card consolidation refer http://www.creditmagic.org/creditcard/wfnnb-collections.html .

Thanks,

Aaron
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cinnamngrl



Joined: 01 Nov 2008
cinnamngrl's page
Posts: 1320



6413 Magic Points

 
Posted on Sun Sep 26, 2010 12:30 pm  

you can sit down with a non profit credit counseling agency. NOT one of those scams where they promise to cut your debt in half.

http://www.nfcc.org/

this is required by the bankruptcy court and it will help you decide what to do.
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