If you are in PA, I can tell you that Discover will probably end up suing you. Any judgment automatically becomes a lien on real property that you own if its just in your name. If you own it jointly with a spouse, it cannot be executed upon (seized and sold at sheriff's sale). You might want to think about getting the property out of your name BEFORE you stop paying Discover. This has its own ramifications and depending on timing may make it appear to be a fraudulent conveyance so you should only do this after consulting an attorney.
Judgments are good for five years against real property in terms of enforcement but can be renewed.
Social Security cannot be garnished as long as you do not commingle it with non-Social Security money belonging to yourself or another person.
If this is your only debt and you have no other assets, then it might make sense to do nothing and save up your funds. Discover will settle for less than 100%. Generally, I have gotten them to accept 30% on very old judgments and sometimes 30%-40% pre-judgment. Once judgment is entered they want between 60%-80% generally unless the judgment is old. So you might want to start saving money now. Let the collection process take place. When you have at least 30% of the balance on the debt (Discover charges interest so the balance is going to grow), then try to resolve for that. If they want more, keep saving and try again. They will say yes at some point.
If you have a desire to just be done, you can always file bankruptcy too.
Attorney Nahrgang raises a good point about reverse mortgages. But these are not for everyone and you need to know what you are getting into.
If you are in PA, I can tell you that Discover will probably end up suing you. Any judgment automatically becomes a lien on real property that you own if its just in your name. If you own it jointly with a spouse, it cannot be executed upon (seized and sold at sheriff's sale). You might want to think about getting the property out of your name BEFORE you stop paying Discover. This has its own ramifications and depending on timing may make it appear to be a fraudulent conveyance so you should only do this after consulting an attorney.
Judgments are good for five years against real property in terms of enforcement but can be renewed.
Social Security cannot be garnished as long as you do not commingle it with non-Social Security money belonging to yourself or another person.
If this is your only debt and you have no other assets, then it might make sense to do nothing and save up your funds. Discover will settle for less than 100%. Generally, I have gotten them to accept 30% on very old judgments and sometimes 30%-40% pre-judgment. Once judgment is entered they want between 60%-80% generally unless the judgment is old. So you might want to start saving money now. Let the collection process take place. When you have at least 30% of the balance on the debt (Discover charges interest so the balance is going to grow), then try to resolve for that. If they want more, keep saving and try again. They will say yes at some point.
If you have a desire to just be done, you can always file bankruptcy too.
Attorney Nahrgang raises a good point about reverse mortgages. But these are not for everyone and you need to know what you are getting into.
If you are in PA, I can tell you that Discover will probably end up suing you. Any judgment automatically becomes a lien on real property that you own if its just in your name. If you own it jointly with a spouse, it cannot be executed upon (seized and sold at sheriff's sale). You might want to think about getting the property out of your name BEFORE you stop paying Discover. This has its own ramifications and depending on timing may make it appear to be a fraudulent conveyance so you should only do this after consulting an attorney.
Judgments are good for five years against real property in terms of enforcement but can be renewed.
Social Security cannot be garnished as long as you do not commingle it with non-Social Security money belonging to yourself or another person.
If this is your only debt and you have no other assets, then it might make sense to do nothing and save up your funds. Discover will settle for less than 100%. Generally, I have gotten them to accept 30% on very old judgments and sometimes 30%-40% pre-judgment. Once judgment is entered they want between 60%-80% generally unless the judgment is old. So you might want to start saving money now. Let the collection process take place. When you have at least 30% of the balance on the debt (Discover charges interest so the balance is going to grow), then try to resolve for that. If they want more, keep saving and try again. They will say yes at some point.
If you have a desire to just be done, you can always file bankruptcy too.
Attorney Nahrgang raises a good point about reverse mortgages. But these are not for everyone and you need to know what you are getting into.
If you are in PA, I can tell you that Discover will probably end up suing you. Any judgment automatically becomes a lien on real property that you own if its just in your name. If you own it jointly with a spouse, it cannot be executed upon (seized and sold at sheriff's sale). You might want to think about getting the property out of your name BEFORE you stop paying Discover. This has its own ramifications and depending on timing may make it appear to be a fraudulent conveyance so you should only do this after consulting an attorney.
Judgments are good for five years against real property in terms of enforcement but can be renewed.
Social Security cannot be garnished as long as you do not commingle it with non-Social Security money belonging to yourself or another person.
If this is your only debt and you have no other assets, then it might make sense to do nothing and save up your funds. Discover will settle for less than 100%. Generally, I have gotten them to accept 30% on very old judgments and sometimes 30%-40% pre-judgment. Once judgment is entered they want between 60%-80% generally unless the judgment is old. So you might want to start saving money now. Let the collection process take place. When you have at least 30% of the balance on the debt (Discover charges interest so the balance is going to grow), then try to resolve for that. If they want more, keep saving and try again. They will say yes at some point.
If you have a desire to just be done, you can always file bankruptcy too.
Attorney Nahrgang raises a good point about reverse mortgages. But these are not for everyone and you need to know what you are getting into.
