After paying cost of living bills, I have 115.00 only left for food/gas for the month. My credit card debt is 17,000.00 and minimum payments are 500.00 per month. Since I obviously am upside down, could they still garnish wages and/or place a judgement?
Your financial situation won't prevent anyone from suing you, though it may mean that the creditor would be unable to collect at this point. That's not a sure thing, though--it depends on how much income you have and any assets that you might have.
A local bankruptcy attorney can go through the numbers with you and explain exactly what is at risk and what your options are. It would be in your best interests to get that information before making any decisions about how to proceed with your credit card debt and any other outstanding debt.
*Kevin Chern is Managing Partner of UpRight Law, a national law firm with licensed attorneys providing bankruptcy and consumer legal services in all 50 states. He is an Illinois licensed attorney with 21 years of federal consumer bankruptcy and consumer protection law experience. This response is for informational purposes only and is not intended to be legal advice. For legal advice, consult an attorney licensed in your state with the appropriate expertise.
Yes, they can still sue you. Yes, they possible win the suit and get a judgment against you. They might be able to garnish wages, depending upon your circumstances. Learn about Chapter 7 Bankruptcy.
