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Ask Terry L. Your Own Question
Terry L.
Terry L., Attorney
Category: Bankruptcy Law
Satisfied Customers: 2889
Experience:  Better Business Bureau. 18yrs bankruptcy experience. Chicago Bar Assoc. American Bankruptcy Institute member.
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1. I am presently resolving my debts through a company called,

Customer Question

1. I am presently resolving "my" debts through a company called, "Debt Settlement America" located in Dallas Texas at 1(NNN) NNN-NNNN My wifes debts are not involved. 2. My wife and I are Florida residents. 3. Question #1-Can my assests be siezed ie. car, home, property, retirement wagies( New Jersey State, VA, Air Force, Social Security). 4. Question #2 can my assest as described above be siezed in the state of Florida.
Submitted: 8 years ago.
Category: Bankruptcy Law
Expert:  Terry L. replied 8 years ago.
I need more information to answer this question.
Are you asking about a bankruptcy case?
Each state has certain state or federal bankruptcy exemptions to use to protect some assets in bankruptcy. If the assets are more valuable than can be protected by the exemptions, then a chapter 13 can be used to pay back a portion of the debts, enough to protect the assets.
If you have any other questions, let me know.
Customer: replied 8 years ago.

1. We reside in Florida 2. Income for retirement comes from U. S. Air Force, VA disability, Social Security, and New Jersey State retirement. I am NOT filing for bankruptcy. 3. I am use a debt settlement company as idicated above with their phone number. 4. I have monthy deductions from my bank account and that is put in to," Rocky Mountain Bank and Trust. Debt Settlement America settles my debt with this accummulated fund.


I owen 4 cars free and clear. The mobile home is paid for and is titled in both our names. The property has a lien and is in my wifes name.





kWe own

Expert:  Terry L. replied 8 years ago.
If you do not pay, or have made payment arrangements with the creditors, they can sue you and freeze any assets to pay the debt. Normally, creditors look to freeze liquid assets like bank accounts, stock accounts, garnish wages, and put a lien on real estate to secure the debt owed in the even they get a judgment awarded. So, if you continue your payment plan with the debt negotiators, and the creditors accept that plan, you should be fine. Be careful of any tax consequences that may arrise.
Customer: replied 8 years ago.

Thank you in advance for your prompt reply. I mean no disrespect but it appears that you have not researched what a debt settlement company does, I mean how they process clients through the debt settlement process. A reply without all the facts is no reply.


Jeffrey Kersey

Expert:  Terry L. replied 8 years ago.
I do debt settlements myself.
1. No assets are seized when you do a debt settlement. You are just negotiating with a creditor to accept a certain amount to call it even.
2. If a creditor sues you, you are allowed to use your state exemptions to protect assets.
Florida's exemption statutes can be found here:

If this does not answer your question, then I do not understand what you are asking, please rephrase your complete question.