Several questions

Submitted by simon on Thu, 09/23/2010 - 15:02
Forums
Credit repair

hi,

I live in NYC & have a lot of credit card debt.
all the account has been charged off since last year.

after court judgement, pay check & bank acct can be garnished.

but can they put a judgement against my house (still paying mortgages) and my car ?

lastly, i'm thinking about filing for chapter 7 bankruptcy.
would this be possible even if I have a house under my name?

how much does it cost to file for bankruptcy ?

thanks

Aaron

Hi simon,

Welcome to this community :)

but can they put a judgement against my house (still paying mortgages) and my car?

Yes, if the creditor wins a lawsuit they can put judgment against your house, that is a lien against your house and car. You house and car can't be taken away by your creditor but you won't be able to sell those till the lien gets removed. The lien can be removed only if you pay off the judgment amount.

You have mentioned that you are still paying your mortgage and the judgment is only for credit card debts. Can you provide your outstanding debt amount? Why are you thinking of filing bankruptcy? Do you think you are going to default on your mortgage payments?

Thanks,

Aaron

Fri, 09/24/2010 - 07:06 Permalink
simon

THank you Aaron.

yes i am still paying for my mortgage.
credit outstanding balance is about 50,000 dollars.
my family is paying for the mortgage that's under my name.
I only have a little income in cash. no checks.

any sugguestions?

Fri, 09/24/2010 - 15:05 Permalink
Aaron

Hi simon,

You are welcome :)

You have several credit cards and so you can try consolidating your debts. While you consolidate your debts, all are consolidated as a single debt. thus, you are required to make a single monthly payment instead of one. The interest rate too gets lowered.

For more details on credit card consolidation refer http://www.creditmagic.org/creditcard/wfnnb-collections.html .

Thanks,

Aaron

Sat, 09/25/2010 - 08:48 Permalink
cinnamngrl

you can sit down with a non profit credit counseling agency. NOT one of those scams where they promise to cut your debt in half.

http://www.nfcc.org/

this is required by the bankruptcy court and it will help you decide what to do.

Sun, 09/26/2010 - 12:30 Permalink