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 sweetsixties49
Joined: 09 Jul 2009
Posts: 1
1.31 Dollars($)
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 Posted: Thu Jul 09, 2009 11:58 am Post subject: North Carolina judgements |
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| I lost my job and can't pay my credit card bill. I have been served a summons regarding a cival suit that I need to reply to. I have no money to pay anyone for anything. What happens to me now? Can they take my house or car? |
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savior70
Joined: 25 Mar 2009
Posts: 1417
Location: Florida
167.86 Dollars($)
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| Posted: Fri Jul 10, 2009 3:56 am Post subject: |
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Hi,
Credit card debts are unsecured debts. Unlike mortgages, they do not have collaterals attached to them. Thus, if you fail to pay your credit card debts, your credit card company cannot take possession of your house or car. They can however sue you for not paying off their debts and can get a judgment against you. |
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Samantha
Community Mentor
Joined: 16 Sep 2005
Posts: 1600
Location: MASSACHUSETTS
149.06 Dollars($)
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| Posted: Fri Jul 10, 2009 6:12 am Post subject: |
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Hi sweetsixties,
First of all, you need to reply to the summons. Explain your situation in detail so that the court gets to know what kind of hardship or financial problem you're going through. By the way, how old is your credit card debt? In the state of North Carolina, the SOL or Statute of Limitation is around 3 years. So, the creditor has 3 years within which he can file a lawsuit against you. In case your credit card bill has exceeded the SOL period, you don't need to make payments at all. I mean obviously it'll affect your credit but if you start paying again, it'll restart the SOL.
| Quote: | | Can they take my house or car? |
It depends upon the state laws as to whether your creditor can take away your home or car. There are states where the entire home can be protected by creditors. However, in North Carolina, the laws allow you to protect your property value up to $18, 500 from creditors.
Even if creditors don't take away the home or car, they can garnish the wages of the debtor after getting a judgment in court. I think you should start looking for some income source and negotiate with your creditors to settle the credit card debt for an amount less than the outstanding balance.
May god bless you.
Samantha
_________________
Know how to compare lenders with mortgage booklet |
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Janie
Guest
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| Posted: Mon Jul 13, 2009 11:13 am Post subject: Judgements |
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| In NC, can your salary be garnished? What if you've got a judgement against you but you have been laid off and can't find another job? How do the credit card companies get their $$$ when you've lost EVERYTHING because of today's economy? Maybe they can take your tax refund? |
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