Ask Experts Questions for FREE Help !
Ask

I owe credit card for $6000 and the credit card company subpoena me?

Asked Feb 2, 2011, 12:01 PM — 7 Answers
What should I do? I'm currently unemployed but I have money in my 401k. I offered the credit company $100 per month but they don't want to accept it. Will the judge give me a judgement to take my 401 k or will the judge accept my offer of $100 per mont? Please advise.

Search this Thread
Share |
7 Answers
JudyKayTee's Avatar
JudyKayTee Posts: 46,152, Reputation: 23855
Uber Member
  
#2

Feb 2, 2011, 12:04 PM
The Judge will do NOTHING but grant a Judgment against you. A Judge does not/cannot order how that Judgment is paid. Payment depends on what is allowed in your State (such as a garnishment of your salary or a lien on your property).

The debtor does not have to accept payments or less than you owe.

If you cannot make arrangements with the creditor a Judgment will be taken against you. That Judgment will probably live for 10 years with a 10 year extension.
Helpful
smoothy's Avatar
smoothy Posts: 15,697, Reputation: 10813
Uber Member
  
#3

Feb 2, 2011, 12:05 PM
They give you a court date first....and once they win it....they can get a writ of garnishment against you......and they can garnish income or assets to the limit that is allowed where you live.. Unlike any gentlemens agreement.
Helpful
joypulv's Avatar
joypulv Posts: 12,525, Reputation: 9565
Uber Member
  
#4

Feb 2, 2011, 12:26 PM
You owe money; you have money.
I really really really really REALLY am curious why you think that you can stretch out payments over way more than 5 years (more interest accruing, don't forget) when you have money. PLEASE answer. There seems to be an epidemic of this. If you are so eager to keep the 401K, BORROW 6K from somewhere else.
Helpful  (1)
JudyKayTee's Avatar
JudyKayTee Posts: 46,152, Reputation: 23855
Uber Member
  
#5

Feb 2, 2011, 01:34 PM
I will add a PS - you will get a SUMMONS to appear. A SUBPOENA is for a witness.
Helpful
slv14344's Avatar
slv14344 Posts: 3, Reputation: 10
New Member
  
#6

Feb 4, 2011, 02:31 AM
Well, I think you need to make a payment arrangement with the creditor...
Helpful
slv14344's Avatar
slv14344 Posts: 3, Reputation: 10
New Member
  
#7

Feb 4, 2011, 02:35 AM
Next time don't get involved with credit cards anymore..
Helpful
ScottGem's Avatar
ScottGem Posts: 58,586, Reputation: 28380
Computer Expert and Renaissance Man
  
#8

Feb 4, 2011, 03:43 AM


Quote:
Originally Posted by slv14344 View Post
well, I think you need to make a payment arrangement with the creditor...
Quote:
Originally Posted by slv14344 View Post
Next time don't get involved with credit cards anymore..
Umm why are you posting answers to your own question?

Your 401(k) is safe from attachment, at least until you start withdrawing from it.

P.S. We don't delete posts here.
Helpful  (1)
Not your question? Ask your question View similar questions
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search

Add your answer here.

Remove Text Formatting
 

Undo
Redo
  
Decrease Size
Increase Size
Bold
Italic
Underline
Align Left
Align Center
Align Right
Ordered List
Unordered List
Decrease Indent
Increase Indent
Insert Email Link
Wrap [QUOTE] tags around selected text
Wrap [CODE] tags around selected text
Wrap [HTML] tags around selected text
Wrap [PHP] tags around selected text
Wrap [YOUTUBE] tags around selected text
Notification Type:



Check out some similar questions!

Being sued for credit card debt by law firm representing credit card company [ 7 Answers ]

Well, its happened. I have received a summons for a credit card debt by law firm. I have to go to the county court house to talk with the clerk... (not sure what will happen,never been sued before)If I don't go within 20 days, they say they will start proceedings to garnishing my wages. I do owe...

Subpoena for credit card debt [ 1 Answers ]

I just learned that my daughter-in-law just received a subpoena for a credit card debt. What should she do ?

Subpoena instead of discovery for credit card debt hearing [ 3 Answers ]

So, today I went to a lawyer consultation, referred to me by the GA Bar association. She informed me of a few things: The most important being that in Magistrate court you cannot file a motion of discovery, you need to subpoena for any documents, a contract etc. But they don't have to provide...

Proof I owe credit card [ 1 Answers ]

I was contacted by law firm that is representing a collection agency back in may 2006. They told me I owed 2600. To househlod credit card. I told him I have had a couple of accounts with them and have paid them off. I read the account numbers on the phone to him and he told me those are not the...

View more Credit questions Search