I took out a cash loan for 6,000 They wanted some sort of collateral so i listed a tv,vcr,computer and gym set.All theses things are old and not worth much .I am disabled and on social security and va disability.Me and my wife have no money in the bank.I owe 65,000 on my home which is worth 90,000 but also have a 13,000 home equity loan on it.I owe 9,000 on my car which is worth around 6,000.I am married but my wife is not on the loan i am being sued for.My wife works.So what can they get from me if they get a default judgement.Anybody have any input?We live in ny
Did you use only your SS income and VA disability as your only source of income? They will probably want the things you listed as collateral and as for the rest of it you sound judgment proof to me. My understanding is that social security can never be garnished and VA benefits are exempt from creditors, attachments and garnishments. They may place a lien the house though.
Yup. You're pretty much judgment proof. They'll get a default judgment--unless you feel like wasting your time and money trying to fight--that they can paper their walls with. It'll show up on your credit, but unless you plan on applying for credit anytime soon, so what. You can pay it off later.
