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I live on Social Security Disabilty, so you know I live on a fixed income. Because I have excellent credit, score of 805, two and a half years ago I was able to finance a car for my son and to date he has been making the payments. There is a balance of $7,900.00 remaining on the loan. Due to the bad economic times he has been unable to locate a new job and there's no money to make any additional payments. What will happen if we can't make the payments. I realize my credit will tank, but my biggest concern is can they, the loan institute that financed the car, attach my Social Security. I'm barely able to make it as it is without having a lein aganst me. What legally can I do and what legally can they do to me? Here's my e-mail address in Phoenix, Arizona (some laws in various States can be different). XXX@XXXXXX.XXX. Thank You for any legal advice you can offer me as to what my options are.
Optional Information: State/Country of Question: Arizona Already Tried: Nothing to date. Information is power and I need to know my options. I can't afford to have my Social Security messed with.
Disclaimer
By reading further, you agree to and understand the following: Laws vary drastically by state and country. It is impossible for an attorney to provide proper legal advice on JustAnswer and what follows is not legal advice and is general information provided for educational purposes only. No attorney-client relationship is formed. T-USA is not your attorney. No attorney-client privilege exists and anything written can be used in court if discovered by an opposing party. The following information is provided for the purpose of encouraging you to seek, in person, the counsel of an attorney who is licensed to practice law in your particular state. It is essential to consult such an attorney as soon as possible. _____________________________________ Answer We cannot and do not provide legal advice or legal services on JustAnswer.However, I can provide the following useful information in response to your question.42 U.S.C. 407 protects Social Security benefits from garnishment by creditors. If a creditor attempts to garnish an account containing Social Security money, it may be necessary to notify the intermediary involved in garnishment (often the sheriff) that the funds exempt Social Security funds, so as to avoid the garnishment.It would be wise to consult with an attorney to evaluate your financial situation otherwise and to protect other assets. Further, your attorney may be able to negotiate with the creditor so as to allow you and your son additional leeway in making payments. Creditors will occasionally settle debts for less or work out payment plans with good-faith debtors.Please click the green Accept Button to accept my answer so I will receive credit for the time and effort I have spent answering your question. Bonuses and Positive Feedback are greatly appreciated. You should consult an attorney who is licensed to practice in your state about these matters. You can find an attorney licensed to practice law in your state through your state's lawyer referral services: http://www.abanet.org/legalservices/lris/directory/ In the future, please feel free to ask questions of me personally at: http://www.justanswer.com/profile.aspx?PF=18048122&FID=0
Experience: Attorney