How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Terry L. Your Own Question
Terry L.
Terry L., Attorney
Category: Bankruptcy Law
Satisfied Customers: 2671
Experience:  Better Business Bureau. 18yrs bankruptcy experience. Chicago Bar Assoc. American Bankruptcy Institute member.
15345323
Type Your Bankruptcy Law Question Here...
Terry L. is online now
A new question is answered every 9 seconds

I have $80,000 in credit card debt and no way of repaying ...

Customer Question

I have $80,000 in credit card debt and no way of repaying it, I am retired, on SS and a teacher's pension. If I walk away from it without going through bankruptcy what can the credit card companies do to me? Can they garnish my pension or SS?
Submitted: 9 years ago.
Category: Bankruptcy Law
Expert:  CA Lawyer replied 9 years ago.
What type of teacher's pension is it? (What retirement/pension plan)

How much is the pension?

What state do you reside in?

Do you have any significant assets (house, car, etc.)?

If so, how much equity do you have in those assets?
Customer: replied 9 years ago.
Reply to CA Lawyer's Post: Sorry for the delay. The pension is from the State of Wisconsin handled by Employee Trust Fund Annuity. I receive $1000/month after taxes. I receive $1000/month in SS. I live in Wisconsin. I own a condo with $100k in equity (value $225k, mortgage balance $89k, equity loan balance $36k). I have an older car value $5k. The $80k in CC debt is across 12 different cards.
Customer: replied 9 years ago.
Relist: No answer yet.
I have $80,000 in credit card debt and no way of repaying it, I am retired, on SS and a teacher's pension. If I walk away from it without going through bankruptcy what can the credit card companies do to me? Can they garnish my pension or SS?

The pension is from the State of Wisconsin handled by Employee Trust Fund Annuity. I receive $1000/month after taxes. I receive $1000/month in SS. I live in Wisconsin. I own a condo with $100k in equity (value $225k, mortgage balance $89k, equity loan balance $36k). I have an older car value $5k. The $80k in CC debt is across 12 different cards.