better yet are you what creditors consider judgment proof? if so why would they pay to renew something that is a total loss. if you have that much debt on judgments and can't pay have you considered bankruptcy? you can't have it both ways when you have a judgment a clean report and no debt payment unless you can get the judgment vacated examples : the creditor filing it in the wrong jurisdiction , fraud, past SOL when they filed etc. you were not properly noticed/served. I would ask alawyer to be on the safe side just thought I would give my opinion. ck out lawguru.com you can ask an attorney in any state 1 free legal question. good luck
a) Yes, i would consider myself very judgment proof: No cars in my name(i have one but i transferred the title to a family member) No real estate, land, nor real property. No-one knows where, how, what or when i work. If they are looking at my bank account they won't see much. (i do have a large bank account but it is setup in a company name---my name isn't on it, but the moneys all mine) I am going to close the bank account (the one in my name) down as soon as i use up all the checks---which coincidently i DON'T use when paying credit card bills. b) I don't have any judgments---YET. And bankruptcy is not in the cards for me. C) i will take a "dirty" credit report over not paying the "debt" PROVIDED the judgment drops off the credit report in 7 years AND the judgment is not permanent. Which is where my whole problem stems from.
a) Yes, i would consider myself very judgment proof: No cars in my name(i have one but i transferred the title to a family member) No real estate, land, nor real property. No-one knows where, how, what or when i work. If they are looking at my bank account they won't see much. (i do have a large bank account but it is setup in a company name---my name isn't on it, but the moneys all mine) I am going to close the bank account (the one in my name) down as soon as i use up all the checks---which coincidently i DON'T use when paying credit card bills. b) I don't have any judgments---YET. And bankruptcy is not in the cards for me. C) i will take a "dirty" credit report over not paying the "debt" PROVIDED the judgment drops off the credit report in 7 years AND the judgment is not permanent. Which is where my whole problem stems from.
I think you are mistaken about the renewability of Md. 12 year judgments, in any case you completely misunderstood the SC 100% garnishment exemption, it ONLY applies to wage garnishment,any other exemptions relating to bank accounts would be found under BK exemptions(same exemptions for judgments) As I understand it, the first time you missed or were late on a payment on your cc accounts prior to charge off was 18 Months ago?
1) Would you site a source regarding the 12 yr Md. thing? 2)Yes, you are correct; The last payments i made to my last three remaining acounts was approx. 20 months ago. These payments were made to the original creditor. Then, after charge-off/CA etc., they were sold to a junker. 3) OK, north carolina then.
I do not know how or why or how much debt or "concealed" bank accounts you have. However, I seem to get the idea that whatever it is that you are doing, it is without thoroughly researching the pitfalls of your problems. Unless you are able to transfer your "hidden $$" to something that is completely unassailable, (like a home in a total homestead exemption State),you are running the risk of the results of an asset search providing your creditors with proof of fraudulently concealing assets. The "Corporation" account, must account for THOSE $$ somehow in it's required Corp. filings. If you are a listed stock owner or officer, that information is open to all on any internet search.In addition, if it is an interest bearing account, there will have to be an IRS filing for the Corp. on the income. You really should consult with an asset protection lawyer. There are worse things than unwanted debts, there are penalties for fraud in hiding assets.
Don't worry too much about that stuff, my main concern is the situation i'm in. The bank account is for a legit company i formed 2 yrs ago. Everything is registered, all licences etc. I work for that company part time and will be switching to full time probably this week. It is not an interest bearing acct. so the IRS does not even know the account exists. It's an LLC, so the company itself pays no taxes---only the employees do---when they get paid. I work for pennies, sometimes for free. Hint, hint. No creditors, CA's or junkers know where, how, when, why, or with whom i work. Thus, they would have no idea about this bank account. And, i'm not listed as a principal or officer with the company. If it ever gets to the point where i have to go in for a disposition, i'll fire myself. As far as cars. It is airtight; I transferred the car over to a family member over 6 months ago. In this state it is free to do so between family members. BTW, i was going to ask this in my previous post but forgot, and also i so much appreciate the help, so don't take this the wrong way: Are you an attorney or do you operate a credit "counciling type" service? If so, i would really like to e-mail you so we can discuss in full detail my dilema(s).
You need to speak to a qualified attorney in your own State. I do NOT "run a credit repair business". My website is linked below, you may be able to find some legal resources, or at leat correct State information. Ordinarily I am happy to help people via e-mail,however your sitution is somewhat different as it falls into the realm of hiding assets, rather than credit repair.
Allright, forget about all that stuff---the supposed "asset hiding etc." What should i do about my situation? http://consumers.creditnet.com/stra...ad.php?s=&goto=newpost&threadid=59811&pgnum=9 That is the REAL question. What should i do and why? What would you do and why? What would you do if you were me, which you aren't, and why?
You should go back to page 1 and re-read both Breeze's and Doc's posts! Why? Because it was good advice the first time. Sassy
Your hidden assets may be the biggest problem you could face. You say the bank account is in an LLC. But you also said the IRS will not know about it. When the 1065 for the LLC is filed, along with the corresponding K-1's, the money will be on record. You said you are not a principal or officer of the company, but you started the company? In your articles of incorporation and LLC operating agreement, which are on file with your state Secretery of State Ofice, your name would be included. Now, if the operating agreement stipulated that you lose your interest upon death, bankruptcy, criminal conviction, or financial insolvency (to protect the other LLC partners), I can see how you escaped ownership interest. But, the hiding of assets is still a huge problem, as it is usually discovered. Especially since yours is in a bank account, there is the record. One more potential problem I see is the possibilty of being challenged re: the Statute of Fraudulent Transfers--you said you transferred your car title to a family member----it could be seized still. And as for SOL, most creditors, after trying to collect for a few years, will not renew a judgement. To my knowledge, the IRS , State Dept. of Revenue, and other government lenders are the only entities that renew and reissue your judgement with any rigor.....don't think you should let any of them know, however. So, I would just go for a short SOL.
First of all, thank you so much for responding. I'm not just typing that just to sound sincere either; I need all the help i can get (boy do i ever). New Mexico LLC's do not require members, principles or managers to be listed on the articles of incorporation. OOPS! I've probably told too much! In any case, i am not a member, principal, or manager of this company (on paper at least). Also, the resident agent ain't me. The account is non-interest bearing---no interest income is ever generated, so the bank will never make a report to the IRS. My cars got 189,000 miles on the clock and is 14 yrs old. Trust me, it ain't gonna get seized. Runs damn good though. As i am looking for a newer car, i will title that one in the name of the LLC. BUT HEY KIDS! Could we please forget about my ASSets and concentrate on my REAL problem, this situation? http://consumers.creditnet.com/stra...ad.php?s=&goto=newpost&threadid=59811&pgnum=9 What do you think i should do?
I suggest this. Opt Out Do NOTHING for the next 16 Months. No disputing, no validation, no responding to anything.(no moving) When you have past SOL, send the SOL letter to the CA's on your report.
Yes, thank you so much----- again. I was lately actually thinking the same thing; To just lay low until the SOL expires. Now what does "opting out" mean?
Re: Re: AN INVITATION: You "Opt Out" by calling the 800 # linked on my website-(Opt out and Report Fraud). This prevents the CRA's from SELLING your data to marketing companies and CA's.
Re: Re: AN INVITATION: I just opted out. This is cool. I had no idea you could do this. You deserve a lollypop. Better yet a nice wet kiss, from me, on your cheek (kidding). No seriously, if you want i can post a link from my website to yours, if for some reason you want more traffic. If you don't, i won't.
