MrBottomTooth

Only catch is that if the bank was actually robbed (or if the place burned down) and for some reason they decided to go through the safe deposit boxes, the money you have in there is not going to be insured. But the chances of that happening is probably less than the chance you would be hit by lightning.

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MrMaxwell

I thought someone said that a judgement was only good in that courts jurisdiction, though??

MrMaxwell

Yeah
Especially if you spread it out over several banks

I'm sure that in extreme cases the government could find out about and seize them all, though, right?

Amputate Your Head

You were misled. If a bank (or anyone) has a judgment against you.... that shit will follow you everywhere. Guaranteed.

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MrMaxwell

Yeah that makes sense..
Hell

I can't imagine why they bothered suing me, two idiots for under 2000 each

I've never been on the grid, no verifiable income, I do not exist

Why would they waste money suing me? They probably just mass filed a pile of accounts, I suppose

qwe

it's not worth going bankrupt over 4g's, try to settle with them somehow, see if they got financing option so you pay monthly for x number of years

MrMaxwell

I have probably ten or eleven $300-$1000 accounts from years ago.. Most should be past the seven year thing, and I should have disputed them because I think my cards all got lost when I was drinking anyway and visa is supposed to cover lost cards. I just fucked up and never disputed them in time... those two judgements I think are valid for a long time though

Of course all the accounts are $2000-$5000 now that they've inflated them through the roof. They buy them for a few pennies on the dollar, inflate the amount to hell and offer to "settle" for only a few times what the real debt was, see

Then if they "discount" it you owe income tax on the "forgiven amount"

beerptrol

Keep it with epassporte

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SuckOnThis

All this over how to hide $300? WTF?

SleazyDream

in canada RRSPs are bankrupt proof, and if you use a life insurance company all funds in seg funds are creditor proof.

you can also use a company or a trust fund to hold the money in any bank account or credit union to make it credit proof

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Ron Bennett

* How old are the debts?

* Have you moved to a different state since defaulting? (very important, because that alone can change, and often extend, the status of limitations)

Unsecured debts outside of the statue of limitations, for which no judgment has been entered prior, (4 to 6 years is typical) can typically be ignored.

However, debt collectors may still keep trying even for very old debts upwards of a decade or more old - it's important to know your rights and tread carefully when dealing with debt collectors - often best to completely ignore them, since they have numerous tricks up their sleeves ...

ie. encouraging the debtor to sign something and/or enter into repayment plan - problem is that making a payment of even $1 may be enough to reset the statue of limitations for debt that would otherwise be legally uncollectible.

As for the judgments you have ...

Firstly, are they truly judgments? For the ones in doubt, check court house records to verify they're legit.

Secondly, were any of the lawsuits filed after the statue of limitations ran out? If so, seek to get those judgments tossed out, and is often relatively easy to do.

Thirdly, for judgments in which you believe the debt collector can't verify the debt is really yours, you may be able to challenge it, but that's likely going to take an attorney and far from a sure thing; demanding verification is something one really should do prior to judgment during the lawsuit phase.

As for assets - funds held in retirement plans often are beyond the reach of creditors / exempt in bankruptcy, such as various types of annuities.

With all that said, if the judgments you have are relatively small, you would likely do best to pay them off; negotiate with the debt collector for a discount. Be sure to get documentation of the debt being settled - hire an attorney / have a knowledgeable friend to help guide you through the process to ensure the judgments are cleared.

Ron

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Emil

It isn't that easy to open a bankaccount in Cyprus.

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jimmycooper

Wrong. Again.

These are unsecured credit card debts in which the issuing banks have written off their losses and have sold the debt for pennies on the dollar to speculative debt collectors. He does not owe anything to the debt collectors and if he were to call the bank and offer to pay the balance in full, they would not be able to accept it because they no longer hold the rights to his debt and cannot collect on it. Therefore, he owes nothing to the bank.

Now he's dealing with a company who wants make a profit on an investment. A company that likely has a call center full of people being paid to essentially mislead and harass their 'leads' as much as they possibly can within the legal limits. He doesn't owe them anything.

Not only that, but all the possible damage that can be done to one's credit has already been done. There is absolutely no reason to give them a dime.

MrMaxwell
Here's what you need to do. Send the collection agency a certified letter explaining that you have absolutely no intent on paying them and that, should they ever feel the need to contact you at some point, they must do so in writing. It sucks to be in this situation, but you are where you are and you have to do what you have to do. The debts that you defaulted on will start coming off your credit reports in about 5-7 years. You can start rebuilding your credit with prepaid cards and other various tactics in 3 or so years. If the decision to not pay debt collectors continues to weigh on your conscious after you get back on your feet, give the $4K to charity.

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DWB

I have one, wasn't a problem. Maybe they've changed their policies over the past few years?

Barry-xlovecam

"Levy" is a government imposed debt and can be collected without court order, IRS most often and not a civil debt or civil court judgment.

patavax

This is a very good advice! And check also the advice of Ron Bennett!

This one is very important ==>
!!! DO NOT SIGN A REPAYMENT PLAN AND DO NOT PAY ANYTHING (not even $ 1)!!!
<==

And if you have the money: take a good attorney and let him figure out what debts are not expired and try to let HIM do a proposal to pay 10% (not more and you can try even 5%!!!) of the ORIGINAL debts as a last payment counting for a full payment.

Good luck mate!

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selena

That will keep them from harassing him, but it doesn't mean that they can't get a judgment against him and a lien against whatever property he may have.

My mom passed in December, and it's since come to light that she...who was a financial nutcase...neglected to pay some piddling ass unsecured credit card, who turned it over to collections, who in turn took her to court. She didn't show, the judgment was in their favor, and a lien against her property was issued. So when she died, the small amount of property she had and the residence on it will now go to some company to pay off a credit card that probably had a $1k balance on it. Just a cautionary tale of stupidity run amok. Don't be overly confident thinking that because all you have right now is some old car that they won't go after that, because they may.

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woj

Are you actually getting sued? or just getting threatening letters? HUGE difference....

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