I have a credit card that went to collections. They then sent it back to the holder (creditcorp) and said that the holder would probably get a judgment and attach it to my banking account, a fluid asset. Is there a way to shelter my personal account. One way suggested by a banker friend is to set up a company with a federal tax id and just be a signer on the account. I am told this should be enough to "hide" the assets from a search to locate any of my assets as my name and ssn are not associated with that account. Any input on this idea, or any other ways to shelter such assets? Thanks
As far as I know, there is no way "find" a checking account based using name or SSN. They usually attach based on old checks you have sent them. It might be as easy as opening an account at another small local bank.
How do you think the feds do this? Trust me, if they want to find your account, they can do it with the right connections. Remember most every account is insured through the FDIC and banks must report interest on an anual basis to the feds. I am not aware of other reporting, but I am sure there are others. It may not be completely legal but they'll find your account anyway and zap it clean. You may stall it by jumping banks, but eventually they will catch up to you if the motivation $$$ is high. Maybe this is a time to start making some payments to avoid this huh?
Another method is to open a joint checking account with someone. Generally a creditor will not go after a jointly held asset when the have a judgement against only one of the parties since it isn't clear who owns what percentage of the asset. The other party would be within their rights to sue the creditor claiming they had stolen 'their' money. Failing that, open a checking account at another bank, but DO NOT open a companion savings account, which could potentially generate a 1099-INT. Even better, try a share draft account at a credit union.
Its simple really just open up an offshore banking account which you can access anywhere with a visa/mc bankcard. Creditors cannot touch it or even find it for that matter, same goes for good old Uncle Sam. On top of that you'll most likely receive a very healthy rate of interest depending on the account.
That sounds mean, but it would make you feel a whole lot better if you just called to settle the damned thing. Make a ridiculously low monthly payment offer and work from there. Another thing: Don't deal with cheesy companies like Creditcorp! Not only is it a complete ripoff, they have nothing to offer but junk. I can't fathom anyone wanting to pay so much money for such crap without him/her having some sort of spending addiction. Settle that debt ASAP, so you can have some peace of mind, and so you won't spend so much time living in fear and looking for places to hide. Also, work on filling that emptiness in your life that causes you to continually want to buy and receive things. The best of luck, sweetie
Is this board about how to rip off creditors and not have any consequences? Let's not forget where our sympathies should be.
You are quite correct in that. Though without knowing B2's personal and financial situation I am not about to condemn him. But then neither will I let pas statements such as how screwed or trapped he is as it has been my lifelong experience that their are ALWAYS ways out. Actually about the only time I would favor abrogating one's debt (excluding obvious frauds such as Crooks Country Bank) would be in the case of company corporate card where said company just fired my ass, in which case this debt would obviously drop to the bottom of the list and said company will find out intimately just what dual-liability means. I'd imagine I'd be open to say a 50/50 settlement and them kissing my butt on their part as the cost for their lack of foresight mouahhahahaha.
Not to endorse walking off from one's debts, in this case it more than that. I became unemployed some months ago, and have had medical expenses on top of that. I have always managed my debt well, and until the layoff had an excellent credit history. However at this point I am exploring any avenues to remove as much debt as possible. I hope to rebuild my credit when I am back on my feet financially. Thanks for all the input.....
What are my options? Any help would be very much appreciated! spyguyjim ====================== Perhaps you should follow your own advice as stated below. http://consumers.creditnet.com/straighttalk/board/showthread.php?s=&postid=3965#post3965 Maybe it's time to start making some payments to avoid this huh? spyguyjim After all if it's good enough for B2 ; it's good enough for you right!
