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Old 10-25-2004, 12:29 PM
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Join Date: Oct 2004
Posts: 4

default on personal loan

What is the name of your state? NJ

I got a personal loan from a bank in December 2003 for about $6000. I stopped paying on it in April 2004. I just received a letter from a lawyer stating they will file a lawsuit against me if they don't hear from me in 30 days. What can they do to me? Can they garnish my wages? Should I file Chapter 7? I can't afford to pay them at this time. Please help.
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Old 10-25-2004, 06:11 PM
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Join Date: Feb 2002
Location: Nashville,TN
Posts: 15,706
IF they sue you and IF they get a judgment against you, they CAN garnish your wages, sieze your bank account and take any other non-exempt assets you might have.
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