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WALLSTREETESQ
WALLSTREETESQ, Attorney
Category: Bankruptcy Law
Satisfied Customers: 16142
Experience:  14 years exp., CH 7 AND 13 Bankruptcy cases, AFL-CIO UNION PLUS, UFT NYSID AND ALL MAJOR UNIONS
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Here is the short version. I do not want my time share. I can

Customer Question

Here is the short version. I do not want my time share. I can no longer afford it and I dont use it. I can pay 3010 over the next three years and then find some one to give it too in that case i wont have it anymore. Or I can not pay it anymore "keep my $3010.00 and let them take it now. The company is base out of Navada. I'm not sure if that matters.

1. What can I do?
2. If I dont pay can they garnish my pay check or bank account.
3. The total amount financed was 3,690.00 what is the worst case senerio of a foreclose of less than 3,690.00 (I have been paying on it at 18% for the last 3 years)
4. Is there a "best way" to default?
Submitted: 2 years ago.
Category: Bankruptcy Law
Expert:  WALLSTREETESQ replied 2 years ago.

WALLSTREETESQ :

Hello I am a licensed attorney here to help you with your question, please review my response and do not hesitate to ask for clarificati on

WALLSTREETESQ :

This is a common situation, you have the following options:

WALLSTREETESQ :

1. Contact the management company and offer to return to them all rights to the time share, if the waive the owed amount

WALLSTREETESQ :

2. Do not pay, and have them sue you for the balance and interest, and settle with them at Court

WALLSTREETESQ :

3. Do not pay or settle, the lender would obtain a judgment from court, in a year or longer, and could start garnishing your wages, to pay the amount owed with interest

WALLSTREETESQ :

4. You may be better off not paying, and let it go to collection, and settle for a much smaller amount, maybe half, of the principal.

Customer:

If the Garnish my check will I know in advance?

WALLSTREETESQ :

Yes, the State marshall or sheriff will notify you

WALLSTREETESQ :

also in a garnishment they can only collect a small percentage from every check, which would be less than what you are paying now,

Customer:

I guess I'm scared I will call land say I;m not paying. They let the interest and fees pile up to say 8 or 9 thousand. Is there a limit on the fees they can tack on?

Customer:

REALLY!!!

WALLSTREETESQ :

The writ of garnishment must be issued by the sheriff, contain the name of the court and the names of the parties, be directed to the garnishee defendant, Statutee the name and address of the plaintiff's attorney, if any, otherwise the plaintiff's address, and summon each garnishee to appear before the court in which the judgment was rendered by filing an answer to the interrogatories within 20 days after service of the writ. The writ of garnishment must also notify the garnishee defendant that, if he fails to answer the interrogatories, a judgment by default will be rendered against him for the amount demanded in the writ, or the value of the property described in the writ as the case may be, which amount or property must be clearly set forth in the writ. Execution of the writ of garnishment may occur only if the sheriff mails a copy of the writ with a copy of the notice of execution to the defendant in the manner and within the time prescribed in _ 21.076 (regular mail at his last known address, or if he is represented by an attorney, at the attorney's office). Nev. Rev. Statute. Ann. _ 31.260.

WALLSTREETESQ :

the interest can go on for some time, but once a judgment is issued the interest will be limited by State law to 8-9%

WALLSTREETESQ :

In a garnishment they can only receive 25% of you after deductions pay,

WALLSTREETESQ :

Another option is to file bankruptcy and discharge the debt in full

Customer:

That is great! You are good WELL worth it THANKYOU!! So the garnish should not be more than $125 a month which is what I pay now. I'd like to add you to my favorite. I'd like to pay again for a few bankruptcy questions.

Customer:

So the court will make me pay the Principe not eh interest they tack on.?

WALLSTREETESQ :

the interest would be limited not the 18%

Customer:

Ok that's about all I want to ask for my $30 dollars thanks.

Customer:

Send in the bill

WALLSTREETESQ :

If you have any further questions please do not hesitate to ask for wallstreet esq.

WALLSTREETESQ :

If satisfied please press the accept button so we can receive credit

Customer:

Will this chat be saved so I can look at it later

Customer:

OH.. OK

WALLSTREETESQ, Attorney
Category: Bankruptcy Law
Satisfied Customers: 16142
Experience: 14 years exp., CH 7 AND 13 Bankruptcy cases, AFL-CIO UNION PLUS, UFT NYSID AND ALL MAJOR UNIONS
WALLSTREETESQ and other Bankruptcy Law Specialists are ready to help you

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