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Maverick, Attorney
Category: Bankruptcy Law
Satisfied Customers: 6423
Experience:  20 years of professional experience
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I am retired and live in New York. My only income is my SS

Customer Question

I am retired and live in New York. My only income is my SS and pension. I have a minimal 403B account. What happens if I do not pay my credit card debt? I am already two months behind after many years of timely payments. I reached out to the companies but no one will help me. I am upside down in my mortgage or I would take a home equity loan. I have little to no savings. At this point in time, I do not care about my credit score.
Thank you very much.
Submitted: 2 years ago.
Category: Bankruptcy Law
Expert:  Maverick replied 2 years ago.

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The 403 retirement plan should be exempt from execution as per this NY law: click here

The same law exempts your SS and pension payments:

"For purposes of this article, "statutorily exempt payments" means any personal property exempt from application to the satisfaction of a money judgment under any provision of state or federal law. Such term shall include, but not be limited to, payments from any of the following sources: social security, including retirement, survivors' and disability benefits, supplemental security income or child support payments; veterans administration benefits; public assistance; workers' compensation; unemployment insurance; public or private pensions;"

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Customer: replied 2 years ago.
This is for Maverick. While I appreciate your response, I need to know if I can be sued for the amount owed.
Expert:  Maverick replied 2 years ago.

Yes, they can sue to get a judgment; but based on your current circumstances it appears that you are judgment proof. In other words, they can sue and secure a judgment in hopes that they can collect on it down the road in case you come into money, win the lotto, inherit assets, etc...