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KaptKid
Spaced Pirate



Registered: 12/11/03
Posts: 6,252
Loc: Bright Side of the Sun
Last seen: 3 years, 11 months
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Maybe Bankruptcy
#7805591 - 12/27/07 09:17 PM (16 years, 1 month ago) |
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Does anyone know if an unsecured credit card can take a person to court and take property from them. Will be talking to a lawyer later but was wondering if anyone has experience with this?
-------------------- Child of the 60's, Tripping ever since.
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Crasher
αἱρετίζω




Registered: 03/13/01
Posts: 6,220
Loc: Tardy to the Party
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Re: Maybe Bankruptcy [Re: KaptKid]
#7805603 - 12/27/07 09:20 PM (16 years, 1 month ago) |
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My parent's and brother have both declared bankruptcy in the past, and with their and my experience, a creditor will sell the debt to a collection agency. that agency will generally just keep calling and threatening, then sell the debt to another collection agency. However, it wrecks your credit score.
-------------------- Give me silence, water, hope; Give me struggle, iron, volcanoes...
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KaptKid
Spaced Pirate



Registered: 12/11/03
Posts: 6,252
Loc: Bright Side of the Sun
Last seen: 3 years, 11 months
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Re: Maybe Bankruptcy [Re: KaptKid]
#7806768 - 12/28/07 08:19 AM (16 years, 1 month ago) |
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Bump , I would like to hear more if possible. It will be after the 1st before I see a lawyer.
Thanks
-------------------- Child of the 60's, Tripping ever since.
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THE KRAT BARON
one-eyed willie

Registered: 07/08/03
Posts: 42,409
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Re: Maybe Bankruptcy [Re: KaptKid]
#7806779 - 12/28/07 08:30 AM (16 years, 1 month ago) |
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I really have no idea but good luck man.
-------------------- m00nshine is currently vacationing in Maui. Rumor has it he got rolled by drunken natives and is currently prostituting himself in order to pay for airfare back to the mainland but he's having trouble juggling a hairon addiction. He won't be back for a long while.
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Liz
Owl Lady




Registered: 11/16/04
Posts: 6,962
Loc: Massachusetts
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Re: Maybe Bankruptcy [Re: KaptKid]
#7806835 - 12/28/07 09:07 AM (16 years, 1 month ago) |
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1 credit card, secured or unsecured, is no reason to declare bankruptcy and fuck yourself for the next 7 years. That's how long mortgage companies consider a bankruptcy a "deal breaker"...most other companies too. Good luck.
-------------------- Remember, remember the fifth of November The gunpowder treason and plot. I see no reason why gunpowder treason Should ever be forgot.
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memes
Blessed



Registered: 01/11/05
Posts: 27,785
Loc: In a Tree
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Re: Maybe Bankruptcy [Re: Liz]
#7806879 - 12/28/07 09:23 AM (16 years, 1 month ago) |
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wish i knew more (well, anything) about the subject to help ya out kapt, but unfortunately i don't.
but here's a healthy amount of good vibes comin your way ::sends it over::
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kindkesey
take it further



Registered: 03/16/03
Posts: 2,789
Loc: on the bus!!!
Last seen: 10 years, 2 months
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Re: Maybe Bankruptcy [Re: KaptKid]
#7806986 - 12/28/07 09:58 AM (16 years, 1 month ago) |
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I was once in dept with two unsecured credit cards.... almost 10 grand. I dodged the creditors for at least 6 years... not answering calls and throwing letters in the trash. Then when i wanted to buy a house i approached a financial advisor on what to do? I was making real money and actually could pay my bills now. My FA instructed me to not make contact with any of the creditors and don't pay them anything. They said creditors have 7 years to collect a debt, and if they don't collect anything in those 7 years the debt is longer valid. My FA said they could try and take us to court but they'd lose. These two creditors taunted my credit report for seven years giving me a credit score in the 500's. But sure as shit when the 7 year mark rolled around these two creditors dropped of my report, i couldn't believe it but they did and my score was now a 650's. I took a few loans out and got another credit card and started building my credit score back up.
Seven years is seven years..... if you can pay the debt back in full do it now. If not it'll be on your credit report for the next seven years weather you pay on it or not! Same as claming bankruptcy!
But to answer your question...... i don't believe they can take personal property from you (that's why it's unsecured) But i do believe they can garnish your pay checks until the debt is payed back. I'm sure all these rules and laws very from state to state.
-------------------- Stay Kool, and enjoy the bus ride.....
"Intrepid Search For Innerspace" DAVID JONES where are you?
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KaptKid
Spaced Pirate



Registered: 12/11/03
Posts: 6,252
Loc: Bright Side of the Sun
Last seen: 3 years, 11 months
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Re: Maybe Bankruptcy [Re: kindkesey]
#7807921 - 12/28/07 04:32 PM (16 years, 1 month ago) |
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Thanks for the good vibs.
I have more than personal property. I have rental property.
I not just setting still waiting to talk to the lawyer. Putting a deal together to sell it before it can have a lein put on it.I know it s easyer to hide cash.
I'll say " I bought lottery tickets, sorry I didn't win"
Edited by KaptKid (12/28/07 04:35 PM)
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OneMoreRobot3021



Registered: 06/06/03
Posts: 61,024
Loc: the sky
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Re: Maybe Bankruptcy [Re: KaptKid]
#7808070 - 12/28/07 05:30 PM (16 years, 1 month ago) |
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Shit Kapt, I hope you come out of it ok! Best wishes.
-------------------- Acid doesn't give you truths; it builds machines that push the envelope of perception. Whatever revelations came to me then have dissolved like skywriting. All I really know is that those few years saddled me with a faith in the redemptive potential of the imagination which, however flat, stale and unprofitable the world seems to me now, I cannot for the life of me shake. -Erik Davis
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