Need some advice

[texansfan]

Okay, I'll try and keep it brief. First off, I'm 12K behind on my mortgage and my loan is currently at the underwriter with Chase. I have been making modified payments now for 9 months.

Second, I have about 40K in loans and credit card debt. I am current on 3 loans from my credit union, and am current on both car loans. I have received 3 letters from creditors at law firms, Anthony H. Rodriques, Frederick J. Hanna, and one more I just recieved.

I sent the first 2 the debt validation letters and will send the 3rd this week.

This is what I was wondering. I will show up in court if necessary to avoid a judgement against me. I just don't know how I can pay them though. I've spoken with some creditors and they are willing to settle, but I just don't have any income left after paying my bills to send them anything.

I mean I can't even send them anything. As a matter of fact I barely have enough left over from each paycheck to last a week or so.

I hate to file bankruptcy, but I may have to. I don't know if I should tell these people calling that I have no extra money. Would it do any good?

[seagrl]

The first thing to do is to educate yourself in the Debt Collection Laws in your state. Some states RARELY garnish wages for unsecured debt.,. They can't get blood out of a stone. Don't tell the creditors or lawyers ANYTHING. The less they know the better. Showing up in court will not stop a judgement, but it is always good to show up and just tell the court your situation. I had to do the same thing. These lawyers buy these debts for a fraction of the amount owed, and then make money on whatever they can collect! Don't give them anything!! First find out your rights, search the internet, you may find that you are collection- proof if not judgement proof!! Hope this helps..

[texansfan]

The first thing to do is to educate yourself in the Debt Collection Laws in your state. Some states RARELY garnish wages for unsecured debt.,. They can't get blood out of a stone. Don't tell the creditors or lawyers ANYTHING. The less they know the better. Showing up in court will not stop a judgement, but it is always good to show up and just tell the court your situation. I had to do the same thing. These lawyers buy these debts for a fraction of the amount owed, and then make money on whatever they can collect! Don't give them anything!! First find out your rights, search the internet, you may find that you are collection- proof if not judgement proof!! Hope this helps..

Thank you for taking the time to respond. I live in Texas, so I'm pretty sure we have pretty good state laws here. With that being said, if one of those lawyers decides to sue and I don't show up I'm sure a judgment will be awarded against me. I'm also pretty sure they can go after my bank account, but nothing else.

I haven't even bothered talking to those people who have bought the debt. I know it's a waste of time and they record everything. I've done some research on two of them and they really are bottom feeding scum.

[tryinmybest]

Goodness, You live in TEXAS! They can not garnish your wages
and this is a 100 percent homestead state. So what if they
get a judgment, how are they going to collect?

Usually, it is not worth the creditors time/money to sue
in our state because a judgment is
extremely difficult to collect.

[texansfan]

Goodness, You live in TEXAS! They can not garnish your wages
and this is a 100 percent homestead state. So what if they
get a judgment, how are they going to collect?

Usually, it is not worth the creditors time/money to sue
in our state because a judgment is
extremely difficult to collect.

They can't garnish wages, but they can empty out your bank account with a judgement.

[tryinmybest]

IF they get a judgment. Texas is a very friendly state when it comes to debtors.
It has to be a sum high enough where they would sue you and it would
be worth their time. And even if they get a judgment, they still have
to be able to collect. This is why I have everything under an LLC.
A good defensive move if you haven't been sued.

[seagrl]

They can't garnish wages, but they can empty out your bank account with a judgement.

Hey, Walmart sells fire & water resistant safes. Why keep money in a bank anyway except to write a check? Use a safe!!