T
tomt
Guest
What is the name of your state? missouri
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T
tomt
Guest
Re: And ?
Debt is approx 2 yrs old.
Last paid approx 1 yr ago.
Debt originated in Denver, CO and I am now located in KC, MO. Summons is from Denver Cty.
Ladynred said:Need details...
How old is the debt ?
When did you last pay on it ?
Debt is approx 2 yrs old.
Last paid approx 1 yr ago.
Debt originated in Denver, CO and I am now located in KC, MO. Summons is from Denver Cty.
T
tomt
Guest
RE: Reply
because I cannot pay this amount due to several different circumstances, I would like to know what action the creditor will be able to take if a judgement is entered in their favor. Also, I had to file bankruptcy approx. 9 years ago, would this be an alternative at this time? Finally, the summons comes from Denver Cty., CO where I used to reside, but now I reside in KC, MO. Will this have any impact on any judgement that may or may not be entered against me?
because I cannot pay this amount due to several different circumstances, I would like to know what action the creditor will be able to take if a judgement is entered in their favor. Also, I had to file bankruptcy approx. 9 years ago, would this be an alternative at this time? Finally, the summons comes from Denver Cty., CO where I used to reside, but now I reside in KC, MO. Will this have any impact on any judgement that may or may not be entered against me?
Q1) "because I cannot pay this amount due to several different circumstances, I would like to know what action the creditor will be able to take if a judgement is entered in their favor."
A1) If a judgment is rendered against you, the judgment creditor can, as allowed by law, garnish your wages, seize bank accounts and property, file liens against your property, etc.
Q2) "Also, I had to file bankruptcy approx. 9 years ago, would this be an alternative at this time?"
A2) Bankruptcy is not something to be taken lightly or to consider for a single debt (unless very large). Also, there are lots of factors that would need to be considered. With all the foregoing in mind, yes, bankruptcy could be considered.
Q3) "Finally, the summons comes from Denver Cty., CO where I used to reside, but now I reside in KC, MO. Will this have any impact on any judgement that may or may not be entered against me?"
A3) The judgment could be rendered in Colorado, then domesticated to MO. Once accepted by the MO court, the creditor can use the MO laws to seize your non-exempt assets.
A1) If a judgment is rendered against you, the judgment creditor can, as allowed by law, garnish your wages, seize bank accounts and property, file liens against your property, etc.
Q2) "Also, I had to file bankruptcy approx. 9 years ago, would this be an alternative at this time?"
A2) Bankruptcy is not something to be taken lightly or to consider for a single debt (unless very large). Also, there are lots of factors that would need to be considered. With all the foregoing in mind, yes, bankruptcy could be considered.
Q3) "Finally, the summons comes from Denver Cty., CO where I used to reside, but now I reside in KC, MO. Will this have any impact on any judgement that may or may not be entered against me?"
A3) The judgment could be rendered in Colorado, then domesticated to MO. Once accepted by the MO court, the creditor can use the MO laws to seize your non-exempt assets.
T
tomt
Guest
I intend to consult an attorney regarding my options, however, I am concerned that what little property I own may be seized. At this time, I am living paycheck to paycheck as well as receiving assistance from several groups. I am very concerned about the idea of filing bankruptcy again, as it took a great deal of time to begin rebuilding my credit since the previous filing. At the time in which this bill became delinquint, I also was in no position to continue payments for a leased vehichle. I therefore had no other option but to voluntarily have the vehichle reposessed. There are also a few other items that are currently in collection status.
Given all of this, my concern is that this one debtor may be able to seize my current vehichle which is my only source of transportation. I own no real estate or any business assets. The value of the car is no more than $500 and was purchased through my parents. When you speak of exempt property, will the courts allow my only form of transporation to be seized for this debt? Also, would it be adviseable to close my current checking account, as I am concerned with them seizing any funds deposited as this would most likely be my paycheck in which I truley need to survive?
Given all of this, my concern is that this one debtor may be able to seize my current vehichle which is my only source of transportation. I own no real estate or any business assets. The value of the car is no more than $500 and was purchased through my parents. When you speak of exempt property, will the courts allow my only form of transporation to be seized for this debt? Also, would it be adviseable to close my current checking account, as I am concerned with them seizing any funds deposited as this would most likely be my paycheck in which I truley need to survive?
The following is the result of my cursory research into exempt property in Missouri:
"Exemptions:
In general, a debtor may claim exemption of his homestead and certain personal property from attachment and execution of a judgment, or in a bankruptcy proceeding.
The homestead of every person, consisting of a dwelling house and appurtenances, and the land used in connection therewith, not exceeding the value of $8,000.00, is generally exempt from attachment and execution. This homestead exemption shall not be allowed for more than one owner if one owner claims the entire amount allowed but, if more than one owner claims an exemption of the same property, the exemption allowed to each of such owners shall not exceed, in the aggregate, the total exemption allowed as to any one homestead. (Section 513.475.)
Personal property of a debtor which are exempt from attachment and execution may include household furnishings, household goods, wearing apparel, appliances, books, animals, crops or musical instruments that are held primarily the use of the debtor and his dependent not to exceed $1,000 in value in aggregate; jewelry not to exceed $500.00 in value in aggregate; any other property of any kind, not to exceed in value $400.00 in the aggregate; any implements, professional books or tools of the trade not to exceed $2,000.00 in value in the aggregate; any motor vehicle, not to exceed $1,000.00 in value; any mobile home used as the principal residence, not to exceed $1,000.00 in value; any one or more unmatured life insurance contracts owned by the debtor, other than a credit life insurance contract; the amount of any accrued dividend or interest under, or loan value of, any one or more unmatured life insurance contracts owned by the debtor under which the insured is the debtor or or an individual of whom the debtor is a dependent; provided, however, that if proceedings under Title 11 of the United States Code are commenced by or against such person, the amount exempt in such proceedings shall not exceed in value $5,000.00 in the aggregate less any amount of property of the debtor transferred by the life insurance company to itself, not to be exempt from claim for child support; professional heath aids for the debtor or his dependent; social security benefit, unemployment compensation or a local public assistance benefit; veteran's benefit; disability, illness or unemployment benefit; and alimony, support or separate maintenance, not to exceed $500.00 a month. In addition, payments made under certain pension or annuity plans and spendthrift trusts created for the benefit of employees may also be exempt. (Section 513.430.)
If the debtor is the head of a family, he may select and hold, exempt from execution, any other property, real, personal or mixed, or debts and wages, not exceeding in value the amount of $850.00 plus $250.00 for each of such person's unmarried dependent children under the age of eighteen years, except 10% of any debt, income, salary or wages due such head of a family. (Section 513.440.)"
"Exemptions:
In general, a debtor may claim exemption of his homestead and certain personal property from attachment and execution of a judgment, or in a bankruptcy proceeding.
The homestead of every person, consisting of a dwelling house and appurtenances, and the land used in connection therewith, not exceeding the value of $8,000.00, is generally exempt from attachment and execution. This homestead exemption shall not be allowed for more than one owner if one owner claims the entire amount allowed but, if more than one owner claims an exemption of the same property, the exemption allowed to each of such owners shall not exceed, in the aggregate, the total exemption allowed as to any one homestead. (Section 513.475.)
Personal property of a debtor which are exempt from attachment and execution may include household furnishings, household goods, wearing apparel, appliances, books, animals, crops or musical instruments that are held primarily the use of the debtor and his dependent not to exceed $1,000 in value in aggregate; jewelry not to exceed $500.00 in value in aggregate; any other property of any kind, not to exceed in value $400.00 in the aggregate; any implements, professional books or tools of the trade not to exceed $2,000.00 in value in the aggregate; any motor vehicle, not to exceed $1,000.00 in value; any mobile home used as the principal residence, not to exceed $1,000.00 in value; any one or more unmatured life insurance contracts owned by the debtor, other than a credit life insurance contract; the amount of any accrued dividend or interest under, or loan value of, any one or more unmatured life insurance contracts owned by the debtor under which the insured is the debtor or or an individual of whom the debtor is a dependent; provided, however, that if proceedings under Title 11 of the United States Code are commenced by or against such person, the amount exempt in such proceedings shall not exceed in value $5,000.00 in the aggregate less any amount of property of the debtor transferred by the life insurance company to itself, not to be exempt from claim for child support; professional heath aids for the debtor or his dependent; social security benefit, unemployment compensation or a local public assistance benefit; veteran's benefit; disability, illness or unemployment benefit; and alimony, support or separate maintenance, not to exceed $500.00 a month. In addition, payments made under certain pension or annuity plans and spendthrift trusts created for the benefit of employees may also be exempt. (Section 513.430.)
If the debtor is the head of a family, he may select and hold, exempt from execution, any other property, real, personal or mixed, or debts and wages, not exceeding in value the amount of $850.00 plus $250.00 for each of such person's unmarried dependent children under the age of eighteen years, except 10% of any debt, income, salary or wages due such head of a family. (Section 513.440.)"
T
tomt
Guest
Thank you very much for this information. I believe I can rest a little easier tonight with this information, and I also feel that I can consult an attorney with a little more knowledge of the road that now lies ahead of me. Again, thank you.
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