Just got a call from a special process server -- who tried to serve me this AM with a "Citation to Discover Assets". Apparently the vehicle I bought, then couldn't pay for, then had a judgement entered against me on -- is now still burning a hole in the creditors pants pockets ($2400 deficiency). They want blood. (On a side note: I offered to turn over the used car to them when I first went 90 days delinquent and they refused. So I had to garage store it for 18 months to avoid tickets, towing and damage/vandalism. Since it was in my care, I'm going to sue them for $3400 (18 months of a portion of the home insurance coverage and garage storage fees). That Ought to be Fun.) Anyhow -- what can a citation to discover assets do? I've done some quick research, and found my home is exempt from being sold to satisfy the deficiency (because of the IL homestead exepmtion), however they CAN put a lien on it. They can also garnish wages and do other various nasty things. I guess the bottom line is : I was going to be trying to avoid filing Ch13 bankruptcy -- but now it seems hopeless. I'd rather avoid a lien on the house and would definitely like to avoid the hearing -- bt I don't know what to do. I have ZERO assets (aside from the equity in the house). Unless you count household goods. Banks accounts = zip. What are my options? I've thought about calling their attorney and offering a settlement - $1000 and take the car off my property. The flip side - he/she declines and I file Ch13 (and sue for the car storage/fees). Is that legally sound? Thanks for any advice.
Hehe, sorry, I wasn't clear: Credit Score of 510 Other Deficiency (Minivan) $17,000 Other Charge Offs (CC's, Revolving, LOC) $8600 They're coming after me, more and more every month. I estimate the other deficiency will take a route to a judgement within 3-6 months. I want to AVOID Bk13 -- but I don't know all of my options at this point. I just secured a contract making a good amount of money (I'm a computer consultant) for the nexst ~20 months. That helps - but it sucks.
You should consult a BK lawyer in your area. He will go over all of your debts and be better able to advise you. Usually first consultation is free
You should consult a BK lawyer in your area. He will go over all of your debts and be better able to advise you. Usually first consultation is free
Thank you! That was my idea. 18 Months of Garage Storage @ $150/month = $2700 18 months of insurance (from house policy) prorated = $75/month = $1450
