Credit Card Judgement Advice!

[Floridabill50]

What is the name of your state?What is the name of your state? Fl
Will try to keep this as short as possible but I need some expert advice.
* I am being sued by Chase Bank for CC debt of 12k .
* I am writing my response to give to court and send to the Plaintiff and I am
acknowleging this debt.
* I am offering to negotiate to make monthly payments but I doubt $75 per month they will like.
* Extenuating circumstances created this debt --when my wife had a long illness and before she passed I had alot of medical and her affairs to take care of which took me years to handle.
* I stopped paying this card in 2001 after I was laid off after 30 years in the Space agency and could not find work.
* Eventually sold my home making -0- and moved to Florida to be close to family.
* Unable to find a job ( limited to jobs for back problems) and finally got a job 4 months ago bringing home $270 per week.
* My monthly output is $1,275 per month and only bills I have are 2 credit cards in good standing with my bank I have been with 25 years.
* My trailer was bought $7500 cash ..My 7 yr old car is paid off. I only have utilities..insurance..basic cable..and food as my output.
* The trailer came furnished so I only have basics with no extras like jewelry or electronic equipment .
* Yes I still have $17k of liquid cash in the bank that is my life savings and it dwindles monthly to make my output--needless to say this is my only LIFELINE.

That is my general background and ASSUMING worse case scenario where I go to court..they DONT accept any monthly payment negotiations..and a judegement is made against me, I seek any helpful hints or advice.

1. In Florida CAN they or WILL they garnish my wages if considering my low bring home is LESS than my monthly output??

2. Can they also put a Lein or seize my savings account?

3. If this does go to court, can I legally just remove my savings account $$$
and put it elsewhere like safety dep box? And would they demand what I did with that cash ??

The bottom line is I am somewhat flexible to setup a lenghty monthly payment plan and it is IMPERATIVE that I can retain or keep my entire life savings cash and I hope it does NOT come down to this worse case scenario.

Any similar situations or expert advice of what maybe to expect and should I consider a lawyer or wait til after i send my response? Thanks to all.

Floridabill50

 

[Tayla]

Without jumping the gun on what has yet to be decided thru the courts, it would highly be in your favor to remove the funds from your accounts.
Read up on what can and cant be attached to judgements in your resident state. Let your lawyer handle the negotiations of payments , if indeed that is the route you want to take. Most times your credit will still remain marred.

 

[Floridabill50]

Thanks Tayla

Thanks for the response..I always assume the worse cae scenario and want to be prepared for the worst. I will grab my $$$$ from my accounts and when or if i get a court summons then I shall get a lawyer and go from there. My main question or concern was regarding being grilled about me withdrawing it prior to any further proceeedings. Also am concerned about if they could garnish any wages since I already bring home less than my monthly output. I aappreciate your advice and any other info is greatly appreciated as well..

Floridabill50

 

[carofl93]

This may help you out Bill...
http://www.legalaidocba.org/documents/DEBTORSRIGHTSBROCHURE.pdf

 

[Ladynred]

If you are head of household in FL or make less than 30x the federal minimum wage, then your wages cannot be garnished. If you're above that, then they will try. If it causes you undue hardship, you may be able to appeal it and get it reduced or stopped.

They CAN take your money, but taking it out could be a problem all its own. If they win and you wind up with a debtor's exam, the withdrawl will be seen as hiding assets and they could force you to give it up. Do NOT put it in a safe deposit box, that is just as vulnerable to a determined judgment creditor.

 

[Floridabill50]

Response to ladynred

Thanks for your info. I am not head of household, I am 54 and a widower and I only make $18k a year with this job. Your info makes me even more worried since I was going to do exactly that--remove my savings and put in Safe deposit box. Needless to say after being wiped out after my wife passed 7 yrs ago and having my life savings in jeopardy I am a ball of nerves. That is my only lifeline and I just couldnt handle losing THAT. I wonder how the people with lots of money hide theirs cuz I am making myself sick over this..Thanks again and any further suggestions are greatly appreciated as to how to hide or protect my savings.

 

[Ladynred]

Your answer should really be a general denial of everything except your name and address. Admitting everything will just let them have a default judgment and likely without a court date. IF you go to court, the judge, or even the creditor, will attempt to reach a settlement with you before you ever see the judge. This is to your benefit. Given your very limited income you can obviously show that you cannot afford more than the $75 you are already offering - something you should NOT put in your Answer to the complaint - its inappropriate.

I can well understand your wanting to protect what is left of your life savings, who wouldn't ? If they get a default judgment, they are very likely to go for your bank account. The only way to prevent them from bankrupting you in one swoop is to clear out the account. Keep it as cash - at least for now. Once you can get some kind of settlement agreement that they will accept, you could put enough money back in to pay bills.

The only other alternative I can see for you would be a CH 13 bankruptcy. I say CH 13 because of that 12K in the bank - the TRUSTEE would sieze it if you file for Ch 7. Filing Ch 13 will also put an immediate stop to the lawsuit. I know it sounds drastic for one debt, but considering what you're facing, it might be your best option at this point.

 

[Floridabill50]

Thanks ladynred

Thanks again Ms ladynred. Your info answered a few of my questions and so far I sent my written response to the Plaintiff atty and also took one to my local courthouse. I mentioned that I would be willing to work out a monthly payment plan but specified no amount. Of course I am assuming it reaches worst case of it going to court,,them not accepting a payment plan,,and them going straight for my savings account. I had conflicting responses about Yes take the cash out then one said Dont take it out but this last response sounds like if I take it out as cash now, then it won't be grabbed up
before anything gets settled. The part about either the judge or creditor will TRY to negotiate before going to court sounds very encouraging to me and maybe tonight I can finally sleep better. Thanks so much for your info and I truly am a basket case but your info is extremely HELPFUL..