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cfortunato
cfortunato, Attorney
Category: Bankruptcy Law
Satisfied Customers: 8023
Experience:  Bankruptcy professor.
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I have large amt. of credit card debt. 37thou. I am seventy,

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I have large amt. of credit card debt. 37thou. I am seventy, only income SS. I used up my savings and made last payments in June. No house. Car 1998. I have been ignoring debt calls. What should I be doing? Talked to NFCC person about debts. Payment est. is more then I have after monthly bills.

cfortunato :

Hi - my name is XXXXX XXXXX I'm a Consumer Protection attorney here to assist you.

cfortunato :

There is little that you can do about getting calls from the credit card companies. However, most credit card companies eventually stop trying to collect those debts, and they then sell those debts to collection agencies.

Customer:

Yes at least one has

cfortunato :

Collection agencies must abide by the Fair Debt Collection Practices Act. Because of the Fair Debt Collection Practices Act, if you notify collection agencies in writing that they should stop contacting you, they must stop, or you can sue them in small claims court for up to $1,000 for every time they call you after they receive notice to stop.

cfortunato :

Credit card companies usually stop calling within 6 months after you stop paying, after which they sell the debts to collection agencies.

Customer:

How likely am I to be sued for debt if I continue to ignore them?

cfortunato :

Collection agencies usually check credit reports and property records before deciding whether or not to sue. Once they see that you are not working (so they cannot garnish your wages), and that your only source of income is ss, and that you do not own anything that they can take, it is unlikely that they will spend the time and money suing you.

cfortunato :

Social security income is exempt (protected) from collection efforts - so they cannot garnish your social security.

Customer:

Just keep calling, i suppose

Customer:

Is filling for bankruptsy worthwhile in this case?

cfortunato :

In other words, given the information you provided, you are ''judgment-proof", which means there is nothing a creditor can do if they get a judgment, so there is no sense in their going to court to get one.

cfortunato :

Well - again, if you notify them in writing to stop calling you, they must stop calling.

cfortunato :

Filing a Bankruptcy will offer peace of mind - as the phone calls have to stop as soon as you file.

cfortunato :

But there is a $309 Bankruptcy filing fee.

Customer:

Also I would probably have to go to Sacramento. Can't drive in strange places after dark. Waiting to get cataracts removed. Guess this answers my questions.

cfortunato :

Given the information you provided, it is not necessary for you to file a Bankruptcy.

cfortunato :

This is because you are "judgment-proof", which means there is nothing a creditor can do to you even if they go to court to get a judgment.

Customer:

Thanks . Unless I win the lotery, which I rarely play I guess I will Just continue as I have been.

cfortunato :

You're welcome! And I hope you win the lottery.

Customer:

Thanks again but I know the odds. Goodby

cfortunato :

Goodby. But before you leave, please don't forget to provide a positive rating for my help.

cfortunato :

Thank you!

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