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I don't know what to do. iam ssdi. I was with family. That…

I don't know what to...
I don't know what to do. iam ssdi. I was with family. That has changed. I have to look for a place to sleep. I have around $30000.00 in credit card bills. Some are iam but some your opened by my son. I could not turn him in. I have been paying the payments out of my ssdi. I wont be able to starting next month. What should I do. Pay some and who? I have at least 10 cards. I guess I need to know what to do.I live in Fredericksburg VA. My son tansfered his car into my name.He could not pay his personal proptery tax. My son has a major heron problem. My wife makes 65000.00 a year. She had credit cards in her name. We pay min. she proubly has 20000.00 in bills. House payment is in her name. She owns a 2007 buick. She is broke also. We have a couple of hundred left for food and tv phone propane electric home owner dues on and on.
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Answered in 28 minutes by:
3/8/2018
Law Educator, Esq.
Category: Bankruptcy Law
Satisfied Customers: 123,280
Experience: Attorney At Law handling education matters.
Verified

Thank you for your question. I look forward to working with you to provide you the information you are seeking for educational purposes only.

I am sorry, but what is your specific question for us about this?

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Customer reply replied 1 month ago
Do I pay some companies And other not? I don't have enough money to pay all. Iam in the red next month. . Iam up to date right now. Things change next month. I cant pay all crediters. What are my options.

Thank you for your reply.

If you have no seizable assets and are on SSDI or retirement funds, then you are judgment proof, meaning there is nothing the creditors can take from you. They cannot take SS or retirement or disability funds from you. So if they sue you there is nothing they can get from you.

As such, you can likely settle some of the debts and ignore the others or pay some of those who are willing to negotiate and tell the other companies to sue you and that as you are judgment proof there is nothing they can collect from you.

I would call the creditors and negotiate with them and offer them minimal payments (maybe 20 cents on the dollar you owe) and see if you can resolve them that way and if not, if you do not pay them there really is nothing they can get from you. They can take the home if it was in your name, but it is not, the car would be exempt as well.

Please do not forget to leave positive feedback by clicking on the 5 stars at the top of your page, as the experts are not employees of the site and get no credit for spending time with customers unless they leave positive feedback. Thank you.

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Customer reply replied 1 month ago
How would these setting report to transunion. Will this be had over my head for ever. Maybe get car get a car in future.

Thank you for your reply.

You need to contact the creditors, they will still report to the credit bureaus I am afraid and your credit score will still reflect the bad credit for up to 7 years, no different than if you filed bankruptcy.

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Customer reply replied 1 month ago
My name is ***** ***** not the mortage. Could they take the house or car then co signer on a truck. I will leave you tip.

Thank you for your reply.

If your name is ***** ***** deed, then your home could potentially have a lien on it, but because your wife's name is ***** ***** the home, they cannot infringe on her ownership rights so they cannot take the home.

Your car would likely be exempt from them taking the car.

Law Educator, Esq.
Category: Bankruptcy Law
Satisfied Customers: 123,280
Experience: Attorney At Law handling education matters.
Verified
Law Educator, Esq. and 87 other Bankruptcy Law Specialists are ready to help you
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Customer reply replied 1 month ago
i am on a 2nd mortage. Is that a problem
No it would not be a problem. It does not change the above answer
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Customer reply replied 30 days ago
My name is ***** ***** second mortgage. The first is in her name only. I don’t how much Equity may be in the home.
Customer reply replied 30 days ago
If there is equity would that be divided between my wife and myself. With my half of the equity be liable
Customer reply replied 30 days ago
this would only happen after the home has sold.

Thank you for your reply.

It does not matter whose name is ***** ***** mortgage, it matters whose name is ***** ***** deed.

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