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  #1  
Old 06-21-2005, 10:35 AM
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Credit Card Default Consequences?

What is the name of your state? Tennessee. My husband and I owe $53,000 in unsecured credit card debt. I no longer have a job. My entire salary went to pay these credit card bills. My husband has no trouble paying for our mortgage, cars, utilities, every day living expenses, etc. We don't want to declare bankruptcy. What will likely happen if we just stop making payments on these credit card bills? I imagine his wages can be garnished for up to 25% of disposable income. I also imagine our credit report will go to the dogs. If that's as bad as it gets, I can live with it. Is that as bad as it can get?
  #2  
Old 06-21-2005, 01:17 PM
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You may also get your bank account levied and a lein placed against your home.
  #3  
Old 06-21-2005, 02:38 PM
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Can they put a lien on my home if another bank already holds a mortgage on it? How does that work? I don't want to lose my home, that's the reason I don't want to declare bankruptcy or go with debt consolidation. I want to be able to choose the creditors I am able to pay. I feel if my bad luck has to screw anybody, it should be the people who have been screwing me for years - credit card companies. Do I even have a chance at this line of thinking? They were stupid enough to keep on and on giving me unsecured credit, and I was stupid enough to believe I could ever pay it all off.
  #4  
Old 06-21-2005, 02:44 PM
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They can do nothing unless they sue and win. Attaching a lein means you won't be able to sell or re-fi until the judgment is satisfied.
You don't neccessarily lose any property when you file bk. How much equity do you have in the home and what is your husands income?
  #5  
Old 06-21-2005, 02:52 PM
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I don't really know how much equity. We refinanced about a year ago; we had a 30-year mortgage for 7 years, and went to a 15-year mortgage. Our payments did not go up. My husband makes about $50K.
  #6  
Old 06-21-2005, 02:58 PM
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What you don't know can really hurt you. Here are Tn. bk exemptions.

[url]http://www.thebankruptcysite.com/bankruptcy-exemptions/tennessee.php[/url]

You 2 need to see a bk lawyer and get your options explained. Most give free initial consultations.
I promise you that you do not want the hassles of lawsuits and garnishments.
  #7  
Old 06-21-2005, 03:20 PM
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Smile
Can't argue with that. OK, we'll bite the bullet and speak to a lawyer. Thank you for your time and advice, Bigun.
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