Auto repossession by VISA or MasterCard
Michael T.
now living off Social Security as my only income.
I had to use my credit cards to keep my head above water while looking for
work. Now that I am 65 the prospects of finding a 'good' paying job are
bleak at best.
So my question is can a credit card company use a judgment to repossess your
vehicle? BTW, my auto is paid off with no liens and has a value of about $7K
vs. my credit card debt of $35K for three different cards.
Your thoughts would be greatly appreciated.
Michael
John Weiss
>
> So my question is can a credit card company use a judgment to repossess your
> vehicle? BTW, my auto is paid off with no liens and has a value of about $7K
> vs. my credit card debt of $35K for three different cards.
If they can get a judge to agree to let them attach your assets, I suppose they
could. Do any of your card agreements say they can do that?
Dave
"Michael T." <anon...@cox.net> wrote in message
news:0othj.43440$1C4....@newsfe10.phx...
If SS is your only income and you owe 35K to three different cards, you
might want to consider bankruptcy. You'd probably qualify, even though the
rules have been tightened a bit. Honestly, I don't know how you make the
housing payment (alone) if SS is your only income. -Dave
yu...@hjklz.com
wrote:
Your car is the least of your worries. First, they will drain your
bank accounts if you have any. Then they will go after your bodily
organs. If you owe $35K, why would they go after a $7K car, when your
heart is worth $50K to $100K for transplants. You might think this is
not possible in America, but that's only what the govt. wants you to
believe. In reality, collection agencies will stop at nothing. They
have hired killers working for them, and they'll gun you down, remove
the organs they want, and leave the rest of your body in some
dumpster. This is no joke. The human body contains lots of valuable
organs, and the cost for them to hire some ex-con gunman is very low.
The rest is pure profit, and they'll get their $35K plus 100% or more
interest when they harvest your organs. You better start watching
over your shoulders, because they are likely already watching you, and
making plans for your demise. If you're smart, hire yourself a body
guard and get a gun. You need them NOW. Do not delay.
Michael T.
news:47866cea$0$47156$892e...@authen.yellow.readfreenews.net...
>
> "Michael T." <anon...@cox.net> wrote in message
> news:0othj.43440$1C4....@newsfe10.phx...
>> Unfortunately I lost my high paying job with no pension in July 2004. I
>> am now living off Social Security as my only income.
>>
>> I had to use my credit cards to keep my head above water while looking
>> for work. Now that I am 65 the prospects of finding a 'good' paying job
>> are bleak at best.
>>
>> So my question is can a credit card company use a judgment to repossess
>> your vehicle? BTW, my auto is paid off with no liens and has a value of
>> about $7K vs. my credit card debt of $35K for three different cards.
>>
>> Your thoughts would be greatly appreciated.
>>
>> Michael
>
> If SS is your only income and you owe 35K to three different cards, you
> might want to consider bankruptcy.
You've read my mind Dave.
Whether or not file bankruptcy is step 2.
But Step 1 as I stated above is to determine whether my auto is at risk for
repossession. If I determine it is not, then with no wages to garnish and no
assets (except the auto) then I may chose not to file at this time.
> I don't know how you make the housing payment (alone) if SS is your only
> income. -Dave
My rent is only 50% of my net income from SS, but it's very tight. It's been
almost impossible to get another software position as a 65 year old. Hell
you're lucky to find one if you're over 40.
Michael T.
news:53rco3hlqlnjhf7a0...@4ax.com...
> On Thu, 10 Jan 2008 10:22:54 -0800, "Michael T." <anon...@cox.net>
> wrote:
>
>>Unfortunately I lost my high paying job with no pension in July 2004. I am
>>now living off Social Security as my only income.
>>
>>I had to use my credit cards to keep my head above water while looking for
>>work. Now that I am 65 the prospects of finding a 'good' paying job are
>>bleak at best.
>>
>>So my question is can a credit card company use a judgment to repossess
>>your
>>vehicle? BTW, my auto is paid off with no liens and has a value of about
>>$7K
>>vs. my credit card debt of $35K for three different cards.
>>
>>Your thoughts would be greatly appreciated.
>>
>>Michael
>>
>
> Your car is the least of your worries. First, they will drain your
> bank accounts if you have any.
I overlooked bank accounts. What if I went to an ATM and discovered that
the $500 I had in my checking account is now gone.
Although my budget is extremely tight, I may have to seek legal advice on
this next week unless I find out I don't need to worry about my car or bank
account. Your posting certainly suggests that is should be a concern.
My next issue is how long I can hold on before these slimy credit card
companies turn my account over to a collection agency. I was told at least
five months in many cases, but I need to do a better job of nailing this
down.
Michael T.
> If you owe $35K, why would they go after a $7K car...
Balances
Credit Card 1 $5,000
Credit Card 2 $10,000
Credit Card 3 $15,000
I can see the Card 1 company thinking it may be worthwhile. But this is what
I am trying to get a firm answer on.
ret...@2008.com
wrote:
><yu...@hjklz.com> wrote in message
>news:53rco3hlqlnjhf7a0...@4ax.com...
>> On Thu, 10 Jan 2008 10:22:54 -0800, "Michael T." <anon...@cox.net>
>> wrote:
>>
>>>Unfortunately I lost my high paying job with no pension in July 2004. I am
>>>now living off Social Security as my only income.
>>>
>>>I had to use my credit cards to keep my head above water while looking for
>>>work. Now that I am 65 the prospects of finding a 'good' paying job are
>>>bleak at best.
>>>
>>>So my question is can a credit card company use a judgment to repossess
>>>your
>>>vehicle? BTW, my auto is paid off with no liens and has a value of about
>>>$7K
>>>vs. my credit card debt of $35K for three different cards.
>>>
>>>Your thoughts would be greatly appreciated.
>>>
>>>Michael
>>>
>>
>> Your car is the least of your worries. First, they will drain your
>> bank accounts if you have any.
>
>I overlooked bank accounts. What if I went to an ATM and discovered that
>the $500 I had in my checking account is now gone.
>
Yes, this can and DOES happen. I dont know the exact specifics, but
it went something like this.
A friend of mine owed around a $1000 and had about $400 in his
checking. He wrote a check for a small amount and it bounced, costing
him a bad check fee besides the original amt. He went to the bank,
and found out the collection company for this money owed had drained
his account. When he got home, there was a notice on the door to
contact the police. He called them, and they said they came to
deliver a notice but no one was home. They brought the notice later
that day and it was a court ordered notice telling him his bank
account was drained, and he was to appear in court for the rest of the
debt. He was also charged for the police to deliver the notice and
court fees too. I think he said this all happened in one or two days.
He also ended up paying bad check fees amounting to over $100 for
several outstanding checks.
Your best bet is not to keep any money in the bank at the moment.
I do believe I heard something about collectors not being able to take
money if it comes from Social Security, but you better ask them about
that.
Rick Blaine
>But Step 1 as I stated above is to determine whether my auto is at risk for
>repossession. If I determine it is not, then with no wages to garnish and no
>assets (except the auto) then I may chose not to file at this time.
CC companies can't arbitrarly sieze an asset they don't have an interest in
without a court ordering it.
Michael T.
> On Thu, 10 Jan 2008 12:33:47 -0800, "Michael T." <anon...@cox.net>
> wrote:
>
>>I overlooked bank accounts. What if I went to an ATM and discovered that
>>the $500 I had in my checking account is now gone.
>>
> Yes, this can and DOES happen. I dont know the exact specifics, but
> it went something like this.
>
> A friend of mine owed around a $1000 and had about $400 in his
> checking. He wrote a check for a small amount and it bounced, costing
> him a bad check fee besides the original amt. He went to the bank,
> and found out the collection company for this money owed had drained
> his account.
Hmmm.
It sounds like your saying that my checking account could be drained even
*before* any legal procedings or judgements occur. If so, then this changes
everything as far as considering bankruptcy.
FYI, I was trying to hold off on bankrupcy because I may be due an
inheritance soon. So I am trying not to be a dead beat and settle with these
CC companies when the inheritance kicks in.
However, it is beginning to sound like I do need to speak to an attorney.
Michael T.
news:u03do3de3ar705rgt...@4ax.com...
> "Michael T." <anon...@cox.net> wrote:
>
>>But Step 1 as I stated above is to determine whether my auto is at risk
>>for
>>repossession. If I determine it is not, then with no wages to garnish and
>>no
>>assets (except the auto) then I may chose not to file at this time.
>
> without a court ordering it.
Thanks Rick.
It's beginning to sound like my car may be safe for now. But I may need to
speak to an attorney as to whether my checking account is at risk.
Michael T.
>
> It sounds like your saying that my checking account could be drained even
>
I just read something that makes me think my checking account might be safe
(i.e. protected) until a judgment is rendered.
Here's what I read:
*******
If any bank account (checking/savings) or other assets of a judgment debtor
can be located, a Judgment Lien can be placed against it. It doesn't matter
what the judgment was for (credit card debt or other liability). A money
judgment is a money judgment.
********
Presumably a debtor would be notified of a judgment lien before any action
is taken. This is obviously something I need to confirm.
A secondary issue is once a judgment lien is issued does that put a freeze
on a debtor's checking account prior to notification even though the funds
are not immediately removed?
I am beginning to understand why credit counseling services will typically
not give bankruptcy advice, or even answer generic questions. In fact, I was
told yesterday that it is illegal for them to do so.
Janie
You are 65 and have no pension. Didn't you save any money for your
retirement? If your former employer offered no pension and you saved
nothing, I can only say, "What were you thinking!"
>
>
Michael T.
news:Y9edndY_D54W-Rva...@comcast.com...
I'll check into that.
During a Google search I discovered the following, which if true is very
disconcerting.
************
If the amount is large enough they WILL find you and do periodic
sweeps of banks with attachment writs for your accounts. They
don't have to garnish; you owe the money, they have a judgment,
and it allows them to attach your assets. if you have a vehicle
without a prior lien, they can attach that.
*************
John Weiss
>
> During a Google search I discovered the following, which if true is very
> disconcerting.
> ************
> If the amount is large enough they WILL find you and do periodic
> sweeps of banks with attachment writs for your accounts. They
> don't have to garnish; you owe the money, they have a judgment,
> and it allows them to attach your assets. if you have a vehicle
> without a prior lien, they can attach that.
> *************
"they have a judgment,"...
That means they went to court. What is the context of that excerpt?
George Orwell
suggest you just kill yourself. Face facts, at 65 your life is only going
to get worse. Make sure you have all your affairs in order, give away any
trinkets you have, and buy yourself a fine filet mignon steak dinner with
champagne. Carbon monoxide is really the most painless and easiest way to
do it. Run your car in a closed area with you sitting inside. You'll feel
all warm and lightheaded right before you go to sleep forever. Be sure to
leave a suicide note, cursing George W. Bush as the worst president the
United States has ever had.
Il mittente di questo messaggio|The sender address of this
non corrisponde ad un utente |message is not related to a real
reale ma all'indirizzo fittizio|person but to a fake address of an
di un sistema anonimizzatore |anonymous system
Per maggiori informazioni |For more info
https://www.mixmaster.it
Michael T.
> Do you have any family or loved ones who would care if you died? If not,
> I
> suggest you just kill yourself. Face facts, at 65 your life is only going
> to get worse. Make sure you have all your affairs in order, give away any
> trinkets you have, and buy yourself a fine filet mignon steak dinner with
> champagne. Carbon monoxide is really the most painless and easiest way to
> do it. Run your car in a closed area with you sitting inside. You'll feel
> all warm and lightheaded right before you go to sleep forever. Be sure to
> leave a suicide note, cursing George W. Bush as the worst president the
> United States has ever had.
>
Have you considered a career as a motivational speaker?
Nah, I didn't think so.
aemeijers
> Do you have any family or loved ones who would care if you died? If not, I
> suggest you just kill yourself. Face facts, at 65 your life is only going
> to get worse. Make sure you have all your affairs in order, give away any
> trinkets you have, and buy yourself a fine filet mignon steak dinner with
> champagne. Carbon monoxide is really the most painless and easiest way to
> do it. Run your car in a closed area with you sitting inside. You'll feel
> all warm and lightheaded right before you go to sleep forever. Be sure to
> leave a suicide note, cursing George W. Bush as the worst president the
> United States has ever had.
>
You go first. Twit.
aem sends...
ret...@2008.com
wrote:
Just out of curiousity I emailed this friend and asked him the
details. I went like this:
He received several notices to pay from the collection agcy. He was
not able to pay it being low income and barely making ends meet as it
was. He received a "final notice" to pay, or court action would take
place. He said he figured they would contact him with a court date,
and all he could do was explain his financial problems in court. He
had just deposited his paycheck and was planning to pay his rent and
utility bills that week, which would have eaten up all that money.
The collector took the matter to court and he was never told to
appear. The court gave the collector a judgement to take his bank
money. As soon as the case was made in favor of the collector, the
police attempted to deliver the notice telling him that his bank acct.
was to be drained. He was not home, so the police tried several more
times. It was the 3rd or 4th day that the police finally deliovered
the thing, after leaving the notice to contact them. By that time the
money was gone from his account. He said the cop told him that this
is legal, because they attempted to deliver the notice on the first
day. The cop told him that after several attempts, he finally left
the notice on the door for the owner to contact the Police (which he
did), and the actual notice was delivered. By that time the account
was drained, although they left $10 and some cents in his account. He
said that he was told that they must leave enough in the account to
prevent the bank from closing the account, which was $10, and they
ignored the coins.
Yes, and atty might be a good thing. I'd beware of those so called
debt reduction companies, there are many scams. I'd check with the
Better Business Bureau, and your states Consumer Protection.
You should be able to go to your states attorney general website and
find lots of answers. Also google for "consumer protection", and find
the government sites.
Such as this one from "Federal Trade Commission".
http://www.ftc.gov/bcp/consumer.shtm
As for this friend, he was told he could file an appeal and possibly
get some of the money returned if it caused a hardship. However, it
could have taken months. In the meantime his rent was unpaid, he
electric was shut off, and he finally had to get some help from a
governmental assistance, because he could not even pay for gas to go
to work. With the help of a special low income - low cost legal
program from his county, he got a lawyer to resolve the matter. In
the end, he lost this money that was drained, but it was applied to
the debt. The lawyer got the debt reduced by about 25%, which just
means that the accumulated interest on the debt was voilded and he
still had to pay thew initial bill, plus a little more. With this, he
had to pay another approx. $350 to this company using payments. He
also had to immediately pay his overdraft fees from his bank amt to
over $100, court costs and police delivery was almost another $100,
and the lawyer charged a flat fee of $50 (loe income rate). Then he
had to pay to get his electric reconnected as well as his phone, and
late fees from his landlord.
His original debt was about $600, the interest brought it up to $1000,
in the end he had to pay about $750 to that company, (after lawyer
lowered it) plus all these other fees, so in the end it cost him
around $1300 (more than double the initial amount) plus a huge hassle.
I'd go to the Social Security website, cuz like I said, I do not think
they can take SS money.
If I were you, I'd empty most of your bank account and keep cash
instead or buy yourself several money orders which you can cash as you
need, or just transfer the funds to a relative that you can trust.
Janie
<ret...@2008.com> wrote in message
news:lqmeo39iusul4l6f2...@4ax.com...
Agree! Take your money out of the bank. Don't have your SS money direct
deposited if it is the only money you have. It isn't a wise idea to keep
all of your funds in one place. A while back there was a story on one of
the news sites about a woman who lived on just SS and had her funds direct
deposited. It took her several months to get SS to stop the direct
deposit. In the meantime, some creditor was taking the money from her
account. She had no money to pay for living expenses.
>
Michael T.
>
> Take your money out of the bank. Don't have your SS money direct
> deposited if it is the only money you have. It isn't a wise idea to keep
> all of your funds in one place. A while back there was a story on one of
> the news sites about a woman who lived on just SS and had her funds direct
> deposited. It took her several months to get SS to stop the direct
> deposit. In the meantime, some creditor was taking the money from her
> account. She had no money to pay for living expenses.
>
My options are really starting to crystallize thanks to the posters in this
thread.
It appears I should really consider bankruptcy protection unless I want to
endure the inconvience of not having a funded checking account. Plus running
the risk of losing my vehicle.
My overriding issue now is how much time do I have before I am at risk. And
once I am at risk for losing my vehicle and/or checking balance will I be
notified far enough in advance that I can take corrective action - such as
filing bankruptcy and emptying my checking account.
Currently the three credit card companies speak with me every Friday since
October. They are aware that I am seeking employment. They know that January
is usually a good month to find a job. They are not saying anything to make
me think they are about to take legal action. But from what I have been
reading theses credit card companies could suddenly drain my checking
account without warning.
I will have to bring that up if I see an attorney. That is I need to find
out how much time I have before losing my auto and/or funds in my checking
account. Perhaps it could happen as early as this month and that is very
scary.
Michael T.
> On Thu, 10 Jan 2008 10:22:54 -0800, "Michael T." <anon...@cox.net>
>
>>your
>>vehicle?
>
>
> Credit cards are typically unsecured loans. That means if you default,
> they can't just take your car, or your house, or your furniture, or
> anything else you own.
It's not that black & white Scott. Thus my post.
Yesterday I received e-mail from an attorney. I had found his e-mail address
from a very old posting in a newsgroup.
**************************************
Hello Michael:
Depending on which state you live in, if the credit card companies get
judgments, they may be able to repossess your car.
Filing bankruptcy under the circumstances you describe is done for two
primary reasons:
1. To protect the car.
2. To stop the calls, letters, etc. and gain emotional peace of mind.
Take care.
Brett Weiss
br...@BankruptcyLawMaryland.com
www.BankruptcyLawMaryland.com
**********************************************
Michael T.
> such a basic financial lesson.
Interesting comment, as just last week during a conversation with CITI Card
spokesperson I was told, "You are the first person I have spoken to in weeks
that understands debt-to-credit limit ratio and how it effects your interest
rate."
I told him with a degree in mathematics I would have to be deaf, blind and
stupid not to grasp this concept.
As Hillary Clinton said during the debate when told she was not as likeable
as Obama, "You hurt my feelings."
But I'm a big boy - 6' 2" and 205 lbs
USENET = SNARKY COMMENTS
ret...@2008.com
<scotte...@yahoo.com> wrote:
>On Fri, 11 Jan 2008 10:13:16 -0800, "Michael T." <anon...@cox.net>
>wrote:
>
>>USENET = SNARKY COMMENTS
>
>USENET is also full of trolls.
Usenet sure is full of trolls. Go look in a mirror and you'll see one
of these trolls.
Now kindly fuck off and go play net.cop someplace else . . .
Greg P
themselves that is sick.
First of all the person needs to go to the bank.
Tell the bank that federal payment can not be garnished even with a
court order. Social Security, SSI, Survivors and a few other
federal protected payments. The only exceptions are taxes, over
payments from benefits , and student loans.
In Certain States your primary vehicle is also protected.
Greg
ret...@2008.com
<scotte...@yahoo.com> wrote:
>On Sat, 12 Jan 2008 04:54:17 -0600, ret...@2008.com wrote:
>
>>On Fri, 11 Jan 2008 20:45:28 -0800, Scott in SoCal
>><scotte...@yahoo.com> wrote:
>>
>>>On Fri, 11 Jan 2008 10:13:16 -0800, "Michael T." <anon...@cox.net>
>>>wrote:
>>>
>>>>USENET = SNARKY COMMENTS
>>>
>>>USENET is also full of trolls.
>>
>>Usenet sure is full of trolls.
>>
>>Now kindly fuck off and go play net.cop someplace else . . .
>
>Net cop?
>
>You should learn what the big words mean before you try to use them,
>fool.
Another Troll gets eaten by my killfile forever !!!
I just love the "toilet flushing" sound file it uses.
*** PLONK ***
Michael T.
>
> First of all the person needs to go to the bank.
>
> Tell the bank that federal payment can not be garnished even with a
> court order. Social Security, SSI, Survivors and a few other
> federal protected payments. The only exceptions are taxes, over
> payments from benefits , and student loans.
>
> In Certain States your primary vehicle is also protected.
>
> Greg
Thanks Greg.
I am finally able to get a better idea of what needs to be done.
1) Contact an attorney who specializes in bankruptcies
2) Ask what, if any, of my assets are at risk here in California.
3) Make sure that there is no surprise. I.E., even if my primary vehicle is
at risk (or my bank account), that they are safe prior to being notified of
a judgment against me. I fear a stealth attack wherein I go to an ATM one
day and discover my account has been drained.
4) If I will in fact be notified of the judgment before the creditor will
act on it, can I wait until that time to file bankruptcy. I want to postpone
bankruptcy as long as possible as I expect an inheritance and would then be
able to payoff the $35K I owe on three CCs. Of course I don't know if the
inheritance will be next month or next year.
Thanks to all posters for your suggestions.
Michael T.
> "Greg P" <inv...@invaild.net> wrote:
>>
>> Tell the bank that federal payment can not be garnished even with a
>> court order. Social Security, SSI, Survivors and a few other
>> federal protected payments. The only exceptions are taxes, over
>> payments from benefits , and student loans.
>>
>> In Certain States your primary vehicle is also protected.
>>
>> Greg
>
Thanks Greg.
I am finally able to get a better idea of what the risks are and at which
point I need to contact an attorney. Thanks to the very detailed comments
from an attorney in a different thread I started in another newsgroup.
I will post it here as it addresses some key issues which have taken me
several days to get an answer to. Perhaps it will save others the time and
frustration that I endured.
*****************************
"Michael T." wrote:
>
> If a credit card company receives a judgment to seize (or repossess) my
> vehicle do I receive any notification prior to the arrival of the tow
> truck?
Yes. Unless they have an enforceable security interest in that particular
vehicle as collateral for a car loan, with language in your loan agreement
allowing them to do that, they can't just swing by and pick up your car when
your credit card payments are late. A general, unsecured creditor (such as
a credit card company) has to sue you first, get process served on you (give
you fair notice of their claim), give you an opportunity to respond (by
filing a written answer, and eventually going to trial, if you contest the
debt) and, if they are successful after all that, they obtain a money
judgment against you. Only then can they use the legal tools available for
enforcement of judgments, to have the sheriff come seize your property to
help satisfy their money judgment.
> Or to say it another way, am I notified that there is a court filing to
> get
> a judgment against me?
Yes. If you receive a summons to go to court, either in the mail
(certified or regular), or by someone handing you papers in person (or
leaving them with someone else of suitable age and discretion in your
household) then you can't just ignore them; do what they command you to do
(usually, file a written answer pleading by a certain date) or a
judgment will be entered by default (that's actually what happens in a large
percentage of credit card suits, if the defendant feels he "can't afford a
lawyer" or believes he has no defenses to the company's claim and he owes
the money anyway. There's always the possibility of a compromise
settlement, and that could wind up saving you a lot more money than the
lawyer would cost. Or maybe the credit card company violated some consumer
protection statute in coming after you, and your lawyer could sue them and
they would wind up owing _you_ money. You'll never know unless you consult
a lawyer.
> Similarly, for my checking account. Am I likely to go to the ATM some day
> and find that my account has been drained?
It's theoretically possible, in limited cases, that a creditor can obtain
what is called an "attachment before judgment" and seize your assets even
before they obtain a judgment against you. Courts are reluctant to grant
this relief, however, and usually do so only where the creditor can prove
both that they have a very good chance of winning on the merits of their
claim, _and_ that the defendant is likely to get rid of his assets somehow
or move out of the jurisdiction of the court before they are able to obtain
a judgment. Usually the court requires a party seeking such relief to post a
bond to protect the interests of the defendant whose assets are being
seized, against the possibility of wrongful seizure. So, based on what you
said, this is not likely to happen in your case.
> Or will I be notified that one or
> more credit card companies is filing court documents to garnish my bank
> account?
Yes, you should be notified of that, whether they seek such an attachment
before or after judgment. What happens in MD (it may be a little different
in CA) is, the creditor files for a Writ of Garnishment with the Court, and
then (if they show good cause and it is granted by the judge), the creditor
obtains the writ, and serves the writ on the bank or other institution that
they think might be holding some of your assets, such as deposit accounts.
The writ will require the bank to answer, within 30 days, as to whether or
not they hold any assets of the defendant, and if so, the bank will be
required to start paying it over to the creditor, subject to any limits or
exemptions the defendant is legally entitled to claim. The defendant also
gets notice of the writ being filed, and then has opportunity to file papers
in court contesting the writ; if he does so, the judge will have to decide
who wins. But in the meantime, the assets subject to the writ remain
frozen pending the outcome.
Bottom line is, your posts show that are a relative novice when it comes to
suits, judgments, and garnishments. Unless you feel really comfortable with
performing your own appendectomy, get a lawyer if and when this happens or
it will be like taking candy from a baby for the credit card companies.
Best to start looking for one and line him up now, so you don't have to pick
the wrong guy in a panic when bad things start to occur. You want someone
versed in consumer protection and bankruptcy law; there should be several of
them in your neighborhood if you live in any fair sized town. Obviously, if
someone you know has used similar services before and recommends a good
lawyer to you, go with that. Or ask your friends who have used attorneys
for anything in the past for the names of their lawyers, then call _those_
lawyers to ask them who they would go to for consumer protection and
bankruptcy work. You'll probably find the same names cropping up more than
once in those conversations. Then pick one of them and make an initial
appointment. Ask, when you call, if the initial appointment will be free of
charge; many lawyers will do this for intake purposes, and will give you a
half hour or so of their time to see if there is anything they can offer to
do to help you. Even if not, and you have to pay for their time, it sounds
like you will need it. Good luck,
--
This posting is for discussion purposes, not professional advice. Anything
you post on this Newsgroup is public information. I am not your lawyer, and
you are not my client in any specific legal matter. For confidential
professional advice, consult your own lawyer in a private communication.
Mike Jacobs
LAW OFFICE OF W. MICHAEL JACOBS
10440 Little Patuxent Pkwy #300
Columbia, MD 21044
Shawn Hirn
"Michael T." <anon...@cox.net> wrote:
Credit card issuers offer unsecured revolving loans via their credit
cards. By virtue of the nature of a credit card loan, it is unsecured,
meaning the lender has no collateral to grab at if the borrower defaults
on the loan. I seriously doubt they could repossess a vehicle that was
paid for on a credit card. I am not a lawyer though. For legal advice,
the OP should consult an attorney.
rick++
The exceptions are taxes, alimony, and child-support.
A problem is that with "direct deposit" its difficult for
a bank to distinguish SS-only accounts to prevent
seizure. The press has reproted many cases where
this doesnt work.
SS just announced they offer debit-cards for people
who dont have bank-accounts. I guess the card is
refilled each month.
rick++
Scott in SoCal wrote:
> It's hard to believe anyone could reach age 65 without ever learning
> such a basic financial lesson.
First, The PEW Institute, who studies retirement issue,s has reported
that 50% of people in mid-life have some sort life-changing setback
that kepts them from saving enough or even sonsuming their savings.
This includes a health crisis, employment, change in martital status
etc.
Second, the rules changed mid-stream for people currently near
retirement age. People born before 1970 entered a workforce with
pensions, health insurance, and other benefits. These disappeared
mostlyin the 80s and 90s and workers of a certain age had to scramble
to replace them.
Rod Speed
> Scott in SoCal wrote
>> It's hard to believe anyone could reach age 65
>> without ever learning such a basic financial lesson.
> First, The PEW Institute, who studies retirement issue,s has reported
> that 50% of people in mid-life have some sort life-changing setback
> that kepts them from saving enough or even sonsuming their savings.
Thats a suspiciously round number, and even if its roughly
correct, all that proves is that there are lots of fools that
make no adequate provision for the circumstances below.
> This includes a health crisis, employment, change in martital status etc.
Its perfectly possible to make adequate provision to protect yourself
against all of those with the sole exception of very severe health crises
without adequate insurance under the stupid american system, and
nothing like 50% end up with that sort of medical crisis.
> Second, the rules changed mid-stream for people currently near retirement age.
Not so that you would end up in such a predicament at age 65 they didnt.
> People born before 1970 entered a workforce
> with pensions, health insurance, and other benefits.
> These disappeared mostlyin the 80s and 90s
So arent likely to apply to that particular 65 year old.
> and workers of a certain age had to scramble to replace them.
Nope, just make adequate provision for the time past working. Perfectly possible.
Snowbound
"Michael T." <anon...@cox.net> wrote:
> 3) Make sure that there is no surprise. I.E., even if my primary vehicle is
> at risk (or my bank account), that they are safe prior to being notified of
> a judgment against me. I fear a stealth attack wherein I go to an ATM one
> day and discover my account has been drained.
This is silly to worry about. If you qualify for Social Security and
have few liquid assets, you are almost certainly judgement-proof. If
creditors cannot obtain a judgement against you, they cannot get at your
stuff, including your bank account. If you actually have anything of any
worth that is easily turned into cash (used cars do not qualify in most
instances), then go see an attorney. Otherwise, go to the library or
local used bookstore and pick up a recent NOLO PRESS book on bankruptcy,
which will explain in easy, illustrated detail how to deal with
collectors and process servers; how to file legal, formal responses to
summonses, complaints and other filings against you (especially easy if
you have a computer); how to obtain court dates if necessary and how
generally to show that you are an honest person who is in a bad-- but
legally protected-- situation.
You can see many articles that might be of concern to you at NOLO's
website: <http://www.nolo.org>
Today, there is a question written by a man who has save little for
retirement and wants to know if he destined to live out his golden years
in a pauper's home. Sounds like you just might find the website relevant
to your needs.
TROLL...@no-trolls.com
One of the top 10 trolls on usenet who infects at least 50% or all
newsgroups with his Trolling. Kind of like a cancer cell that keeps
multiplying.
But there's a cure. Enable your KILL FILTERS.
Add Rod Speed to your filters, and set it to filter this moron from
ALL newsgroups.
ROD SPEED IS A TROLL - - - ROD SPEED IS A TROLL - - - ROD SPEED IS A
TROLL - - - ROD SPEED IS A TROLL - - - ROD SPEED IS A TROLL - - - ROD
SPEED IS A TROLL - - - ROD SPEED IS A TROLL - - - ROD SPEED IS A TROLL
* Kill The Troll *
-----------
fani...@gmail.com
> Unfortunately I lost my high paying job with no pension in July 2004. I am
> now living off Social Security as my only income.
>
> I had to use my credit cards to keep my head above water while looking for
> work. Now that I am 65 the prospects of finding a 'good' paying job are
> bleak at best.
>
> vs. my credit card debt of $35K for three different cards.
>
>
> Michael
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