Can someone answer a couple of questions for me? I have been sued by Ford motor credit as I explained in a couple of other threads. http://consumers.creditnet.com/straighttalk/board/showthread.php?s=&threadid=58849&highlight=parent http://consumers.creditnet.com/stra...ighlight=parent The law firm threatened to garnish my wages and I told them that I may have to file bankruptsey and now they have sent me a paper saying they are going to put a lein on my home and maybe force a sale to get their money. Can they do this for a car. Please help.
stupid me - didn't read the threads first! yes they can, but i don't think they can necessarily force sale of the home. just to piss them off i would file bk and include their debt.
I would have liked to avoide BK if I could have but they would not even try to deal. They wanted the entire amount. Even Ford, the original creditor offered to settle for half, which I didn't have then. This lawfirm wouldn't even talk about it. I did notice on the letter they sent this time that they did say their "client" may be willing to discuss an installment plan. Could i be that they now would do something in installments? Can anyone offer any advice?
Just bumping this one time to see if anyone else has anymore advice to offer in how to deal with this. I'm wondering if they are willing to work out a payment plan now.
Once they have a judgment they can put a lien on your property and / or garnish your salary no matter what the debt was originally for. By declaring BK you can stop either or both of those things from happening. You can make it quite clear in a letter to them that you ARE NOT going to allow them to force a sale of your home, you will DECLARE BANKRUPTCY FIRST! If they want to avoid their claim being shut out entirely due to BK, they need to agree to a reasonable payment plan! You hold the trump card by being able to declare BK, and thus you can control their actions....it's either deal with me on my terms, or lose all claims Chances are they will be willing to deal. Just make sure your payment plan is something you can reasonably afford to pay , don't agree to what they say they "need" to get each month. It's more like here is what I can afford to pay you per month , take it or get nothing!
I've offered a couple of different things but they just do not want to deal. The last one was just about at the end of my limit. To be honest it was pushing it more than I would be comfortable with but I don't want wages garnished or a forced sale of my home. So you think I should try again. Would you recommend being that forceful in my letter?
Well, you have nothing to lose at this point, except FICO points. You are holding all the cards, if you have no alternatives, then BK is your way out. They will lose out once you go that route. You must make it crystal clear to them that that is exactly what will happen if they garnish wages, or force a sale of your home by enforcing a lien.
Most auto loans are "upside down anyway" That means that you owe more than the car is worth. BK courts realize this and don't look kindly on creditors in this situation. They may only allow the true book value of the car to be claimed by the creditor. You must be sure that your home and car will be safe if you do declare BK CH 7. You need to know that your exemptions, or possibly less restrictive state exemptions will cover you. You should seek a free consultation with a BK lawyer in your area to go over these details
Well I didn't want to include my home in the bk and wanted to keep paying on it which I'm told I can do. I am current with everything there, at least so far. BK really isn't something I want to do but am thinking that I may have to. What about the chapter 13 (I think) where they force the creditors to lay off you and set up a payment plan to get everything paid back. Is this any better on your credit report?
Re: Re: Help can they do this? Thanks everyone for all the advice. I had really hoped to avoid bk but this law firm just will not make any kind of arrangements at all. I'm going to send them one more letter and perhaps a copy to the original creditor as well and if they won't make some kind of arrangements then I yhave no choice but to file bk.
