Credit Card was charged off.. what next?

[jean6183]

What is the name of your state? Ohio

My credit card was just charged off. I got a nasty call today, I believe it was from an Atty's office that the bank hired. do you know we will have to go to court for this? I have nothing to pay this credit card off with.

 

[CALIF-LAWPRO62]

What is the name of your state? Ohio

My credit card was just charged off. I got a nasty call today, I believe it was from an Atty's office that the bank hired. do you know we will have to go to court for this? I have nothing to pay this credit card off with.

My response:

Eventually, you will be going to court on this matter.


IAAL

 

[jean6183]

Do you know if they will settle with us? This is the only thing were behind and in bad standing with, but were in debt. Do you know if they can take our house from us or will the most likely settle a lower amount?

also, my name is on my Mom's mutual fund acct. as she's going through a divorse..I'm having her take my name off of this so they can't take any of her money. Is this a wise move?

 

[CALIF-LAWPRO62]

Do you know if they will settle with us?

MY RESPONSE: I don't know what, if anything, "they" will do, other than they have a right to file an action against you in court. The creditor has many options at their disposal. However, that being said, there's nothing to stop settlement negotiations at any time, before or during litigation.


Do you know if they can take our house from us or will the most likely settle a lower amount?

MY RESPONSE: If they obtain a judgment against you, then yes, your home could very well be in jeopardy - - anything from a lien being filed, all the way to a forced sale. The bottom line is they want their money that you promised to repay - - but didn't.



also, my name is on my Mom's mutual fund acct. as she's going through a divorse..I'm having her take my name off of this so they can't take any of her money. Is this a wise move?

MY RESPONSE: I'm not here to advise you how to "skate" on your debts, or attempt to hide your assets. There are legal ways of getting around this, though. Debtors always attempt to hide their assets, and there are laws they can use to reverse such transfers. So, beware.

IAAL

 

[jean6183]

The mutual fund is NOT my money.. This is the only money my Mom has and she just wanted someone on it, if she got sick and needed the money. I'm not trying to get out of paying my debt. I've tried having the CC company work with a lower payment and they wouldn't. Im hoping if we do go to court, that we can repay them.. I don't try to get out of paying anything.. we've been through some tough times.

 

[CALIF-LAWPRO62]

The mutual fund is NOT my money.. This is the only money my Mom has and she just wanted someone on it, if she got sick and needed the money. I'm not trying to get out of paying my debt. I've tried having the CC company work with a lower payment and they wouldn't. Im hoping if we do go to court, that we can repay them.. I don't try to get out of paying anything.. we've been through some tough times.

My response:

What you don't seem to understand is that, according to law, that money IS your money, and is subject to levy. That's why your name is on the account - - to give you unfettered access. The creditor doesn't care about your personal situation with your mother, or any other personal matter. All they care about is getting their money - - the contractual way, or the hard way. They don't care which.

Everybody who owes money "has been through tough times." It must be a "Bush" thing. But, the creditor has a business to run, and YOU have their money. Simple.

IAAL

 

[jean6183]

thanks for the information.