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JP, Attorney
Category: Bankruptcy Law
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Experience:  Represented creditors and individuals in bankruptcy and consumer matters.
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I live in Cedar Hill, Tx (Dallas County). Can credit card companies

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I live in Cedar Hill, Tx (Dallas County). Can credit card companies garnish wages or garnish checking accounts. Is it better to consolidate when your in 85,000 in credit card debt or try to negoitate with credit card companies yourself.
Submitted: 8 years ago.
Category: Bankruptcy Law
Expert:  JP replied 8 years ago.

Creditors can not garnish your wages in texas, but there are ways for a crafty creditor to garnish your bank accounts.


No one can seize a bank account without due process, but if a creditor can sue you and obtain a judgment and later take you back to court to obtain an Order that would allow them to seize your bank accounts. However, you will receive notice that a lawsuit has been filed against you before any seizure of your bank account can occur.


If you have already placed all of your credit card debt on one card, then you have in essence consolidated your debt.


I'm not sure as to whether you own a home, but you may be able to lower your cost of credit by consolidating your debt through a second mortgage or a home equity line of credit. Remember that these loans require you to put up your home as collateral. If you can't make the payments - or if your payments are late - you could lose your home.

What's more, the costs of consolidation loans can add up. In addition to interest on the loans, you may have to pay "points," with one point equal to one percent of the amount you borrow. Still, these loans may provide certain tax advantages that are not available with other kinds of credit.


At this time, I would suggest that you contact your creditors immediately if you're having trouble making ends meet. Tell them why it's difficult for you, and try to work out a modified payment plan that reduces your payments to a more manageable level. Don't wait until your accounts have been turned over to a debt collector. At that point, your creditors have given up on you.


I hope you found this information to be helpful.


Best Regards.

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