Me and my wife have had some major financial woes over the last year just recently a number of our debts have been sent to a lawyer saying. The lawyer just todl me they were going to have to take us to court to collect the money. What happens now? My biggest worry is that they will take our house, can they take the house? What should I do? they are taking us to court for the mon ey. What happens then? Will they take our house that we have been trying to keep? What do I do?
Lawyer collecting on my debts
Posted on Monday, February 11, 2008
posted by Questions @ 9:44 am
1 Expert Comment:
At February 14, 2008 |
7:20 am
, Barton Goth GCO Bankruptcy Trustees Said...
When one of your creditors starts to proceed with court action all this means is they are going to set a court hearing, review with the court that you owe them money and the court will award a judgment if favor of your creditor.
Once a creditor obtains a judgment they have a variety of duties. The first and most common thing is garnishment. A creditor with a judgment can apply for a garnishee and ultimately seize funds off your pay cheque or alternatively out of your bank account. The second thing they can do, although less common, is they can move against personal poperty. Now this doens`t mena they can seize everything you own. They are limited by the same exemptions you find in a bankruptcy. However if you have assets in excess of these exemptions they can seize those.
Once your creditors start to proceed with court activity it is important that you meet with a local trustee and review how the filing of a bankruptcy or proposal can stop these types of actions againt you.
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