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Richard, Attorney
Category: Legal
Satisfied Customers: 55711
Experience:  Attorney with 29 years of experience.
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I owe $5,000 to a credit card company that I cannot pay because

Customer Question

I owe $5,000 to a credit card company that I cannot pay because I'm on disability. I've been told I'm judgement proof. I do own a car but it is 14 years old and a lot is wrong with it, it is in bad shape.
Submitted: 2 years ago via Cornell Legal Info Institute.
Category: Legal
Expert:  Richard replied 2 years ago.
Good afternoon. My name is ***** ***** I look forward to helping you. You are absolutely correct. Even though you have not paid it and you do owe it, their only recourse is file suit against you to obtain a monetary judgment. But, until they file suit and get a judgment, they can do nothing to you. Even if they get a judgment, they still must collect it. Your disability income and your car are going to be exempt from their reach. Whether or not they will even pursue you depends upon their assessment of the collectibility of a deficiency judgment. So, if they actually do send you notice they are going to file a civil suit, if you can show them there is nothing for them to get, and that if they were to pursue a judgment, you would simply file for bankruptcy protection and get the judgment discharged—and even if you have no intention of doing so, it is still good leverage with the bank because they do not know whether or not you would… then it is unlikely the lender will spend the time and money necessary to get a judgment they believe is uncollectible in the end. Thank you so much for allowing me to help you with your questions. I have done my best to provide information which fully addresses your question. If you have any follow up questions, please ask! If I have fully answered your question(s) to your satisfaction, I would appreciate you rating my service as OK, Good or Excellent (hopefully Good or Excellent). I thank you in advance for taking the time to provide me a positive rating!