I haven't been here forever. I used to be such an expert but now I need to know WWYD. Owe on an old CC. Original balance was probably 3000. Now it's about $5500. It is with a lawfirm. We were hoping that we could pay it when my husband's family sold some property. Now they are not selling. It's joint owned so we can't sell it unless everyone agrees to. We got a letter today saying they are going to sue if we don't respond within 15 days. It said they will come to our state to do it. We don't know what to do. Some info: Husband is self employed. I work part time making about $300 a month. We barely get buy with some state aid for medical and food. We have 4 kids so daycare costs are sky high. I actually went back to work, but we were paying more than I was earning. We own our home and have about 60K in equity, but due to self employment and credit problems, no one would give us a loan. What should we do in our situation. We have some other debts as well, lots but they are all under $2000. each for a total of about $10K. Also, the SOL will be up in less than a year on everything. So advice? BK seems so drastic, but there is no way we can pay this unless we have a miracle.
It is important to review your state statutes about judgments because some states do offer a protection for those who are self-employed. You may reside in one of those states. What kind of documentation do you have with this particular debt? Did you DV in the appropriate time frame?
Thanks for the info. We did not validate. Grrrr. Kicking myself now. How would I find the info on judgements and the self employed. Google didn't produce anything. Thanks again.
Nothing under your state? An *excellent* resource, for anyone, is the local library or branch of your state library and they'll assist you for free. Just call the Reference Desk, explain what info you require, and they'll look it up online while you hold -- or return your call or email. They'll tell you anything from how golfballs are constructed to the finer point of probate law. Give them a call. But put together your documentation.
Maybe now's the time to validate. Has the law firm sent anything in writing? If so, did it contain the mini-miranda? And if so, they may have violated in saying that they would seek judgment (but maybe not). In either case, if the law firm is currently operating as a debt collector, then the FDCPA applies. DV might be a good option.
If you are not employed and you husband is self employed they may have a hard time collecting even if they do get a judgment. If you do get sued answer the complaint. Do not let them get a default judgment
