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I live in Florida and I took out a short term loan in the

amount of $800 with a...
I live in Florida and I took out a short term loan in the amount of $800 with a tribal lender (Inbox Loans). I was in a desperate medical situation and needed money fast. No realizing (my mistake of course) what I had consented to...now I am unable to pay the money back in the amounts they are demanding. What can they do to me if I close by bank account all together and default on the loan? I know that sounds really shady on my part, but they want over $6K for an $800 loan that is 2 months old! Please help!
JA: What state is this in? And when did the issue begin?
Customer: Florida, almost two months ago
JA: Have you contacted the manufacturer?
Customer: Yes and they are unwilling to help
JA: Anything else you want the lawyer to know before I connect you?
Customer: no
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Answered in 39 minutes by:
11/22/2017
socrateaser
socrateaser, Lawyer
Category: Consumer Protection Law
Satisfied Customers: 39,479
Experience: Retired (mostly)
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Hello,

If you have no assets (valuable property or cash, investments, savings, etc.), and you live from paycheck to paycheck, then you are effectively "judgment proof," which means that the creditor cannot collect against you, because there's nothing to collect. Unfortunately, the debt will continue to pile up against you, and if the creditor goes to court and gets a judgment against you, then it would have another seven years to try to collect against your income (up to 25% of your after-tax wages per paycheck).

But, again, if you have no assets, then you're a candidate for a Chapter 7 bankruptcy, and that would completely wipe out the debt forever. So, you may want to consider bankruptcy as the means to getting rid of your financial difficulties.

Note: Sometimes, if you tell a creditor that unless it accepts a different payment agreement that you can manage, that you will file Chapter 7 and the creditor will get nothing, the creditor may suddenly decide to negotiate -- understanding that something is better than nothing -- which is what the bankruptcy will accomplish. So, that may be worth trying before actually filing for bankruptcy.

I hope I've answered your question. Please let me know if you require further clarification. And, please provide a positive feedback rating for my answer (click 3, 4 or 5 stars) -- otherwise, Justanswer retains your entire payment, and I receive nothing for my efforts in your behalf. Note: If you cannot find the rating button on your webpage, please just type in your rating in a response to this note, and customer service will apply the rating for you.

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socrateaser
socrateaser, Lawyer
Category: Consumer Protection Law
Satisfied Customers: 39,479
Experience: Retired (mostly)
Verified
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socrateaser
socrateaser
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Category: Consumer Protection Law
Satisfied Customers: 39,479
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DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

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