Little Options Need Help !!! Just stumbled upon this site yesterday as I could get no sleep and was scanning the internet looking for options. I have a court date on thursday at 9:00am for a summons to appear. I own a business that has fallen on hard times and an struggleing to simply pay my mortgage, car payment & utilities. Capitol one is sueing me for $8700 for a credit card with a $5500 limit that I stopped paying about 1 year ago. I will be asking the court for a continuance as to seek counsil as I was just served 20 day's ago and was ignorant as to the severity of my situation. My credit is already screwed as this is one of 4 credit cards (all with smaller balances $5000 in total) which i was forced to stop paying due to cash flow. I have roughly $50,000 in equity in my home (conservativly) but cannot use because of my FICO score. My house is in tennancy in the entirety so I'm hopeing they will not be able to lein, however I do not know for certain. I can possibly pay them the amount I owe over the next 2-3 years but the collection dept of the law firm sueing me said on that basis they will still seek judgement. Will they seize the literally few dollars I have in my checking account, and embarass the hell out of me at my local bank? What should I expect will play out assumeing the get a judgement? How bad is this gonna get? Any advise would be greatly appreciated as I'm sure there will be no sleep tonite!
Is this a business card or a personal card? If it's a business card, did you give a personal guarantee? What form of business do you have (sole proprietorship, S corp, C corp, etc)?
Not to worry, seriously, as no judgement yet, and maybe not at all. Does Capitol One still own this debt or are you being sued by a third party? Do you know what your credit reports read? What state are you in? Oh gee I feel for you , but really it is not as bad as you think. : ) What are your other debts? What contact have you had with them, or what degree are you in with them as far as charge off, transfer, have they sent you a dunning letter,or have they filed suit? $%^&*( THEM!!!! We will try to help you. If this is not the OC and instead a JDB it will be easier than if it is the OC. You will have to find this out, and also by any chance have you kept any paper work on this and your other debts? This 8700 dollars what was the original amount you owed when you stopped paying them? OK listen to me. They WILL seize your account IF they get a judgement and decide to execute it. ALL Of this though takes time. EVen if on Thursday they do not give you a continuance (I am almost sure they will) for you to seek council and they get a judgement YOU WILL HAVE TIME TO MOTION TO VACATE. How were you served by this suit anyway? AND when? If they get a judgement they can sit on it for what e ver time frame they can in your state.They may WAIT as from what you have said you have not much so they may think to wait it out until business picks up for you. Obviously you are self employed so they cannot get to your *pay check*. Was your spouse an authorized user on this account, i did he/ she apply for it as well and are joint account? Now if they decide they want to execute a judgement they will probably the first thing go for your bank accounts, so if I were you I would empty them out and close them. Also I would go tomorrow and get a HOMESTEAD put on your home. This is VERY easy to do and will cost less than a hundred bucks, maybe as little as 15. How much do you have that you can make a lump sum settlement? I believe you will be able to make a deal. I am very surprised that your last payment was only a a year ago and you are already being sued <sigh> Look it we have all been where you are and really it is not that bad. Worse case scenario they get a judgement. They they will have to execute it, and then bring you in for a debtors exam to see how much you have in assets and what you are able to pay in a reasonable amount monthly. It would be good for you to get a lawyer. I believe a lawyer will handle this for about a thousand bucks or less. Again, please try not to worry so much as it is not as scary or embarassing as you think it is going to be. What are the debts that need to be paid total and who are they? Oh and DO NOT GET INVOLVED IN ANY CONSUMER CREDIT COUNSELING DEALS... They will take your money and not help you!! Please sleep tonight and relax your head. WOofer
Summons names me personally as defendant but the business name appears on page 2 under the complaint. Oddly I was served at work and the court is in the county that the business is in not the county in which I reside. If discovery is raised I will request valadation of contract as I do not recall, however I tried to call the plantiff attorney today and was only allowed to speak with thier collection dept. and could not get a straight answer with regard to the capacity of the businesses liability, they do have my social security number listed in thier records thou. The business is an "S" corp.
So when you applied for this card it was under your business? If so I am not familiar with business credit cards as it is a whole different ball game. I am pm'ing you. Woofer
Wow WOofer thanks for the reply - gonna take me a few minutes to properly reply - at work - actually half way busy - resopnd ASAP. BTW - Thank you too Hedwig
People have helped me in the past, thankfully and now I want to help others. It's a wicked good feeling. I am off to sleep shortly but I will be up early tomorrow morning . I did send you a PM that may help you out tonight. Take care Woofer
Business credit is different. It's not subject to the same laws. That's why it's important to know if it's a business account. It sounds like it. So the normal FDCPA laws do not apply. If you signed a personal guarantee, you will be liable. If not, the corporation is liable. You may need to consult a business lawyer on this.
