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    Lhelpme12's Avatar
    Lhelpme12 Posts: 1, Reputation: 1
    New Member

    Jun 19, 2007, 11:27 AM
    Debt & Being Sued
    :confused: I have a problem.

    In 2001 I had an onset with RA (Rhuematoid Arthritis).
    I do have all types of paperwork about my illness. Will it help?
    I could not work and by 2003. I was better and starting working full-time again. I was later sued and got a judgement against me in FL. For $600. I have paid down 2 creidt card bills to the point they don't call. However, I still owe $3,000 on one and $1,200 on the other. I spent all my $15,000 I had in my 401K when I lost my job in 2002 to survive as a single parent. I have been scraping bottom and have fallen behind now on my home association fees. I owe them $1,500. I can't get a loan because my credit score is too low. It is about 540. I do have a good rate because I streamline refinanced and it is worth now about $170,but I brought at $119 (5 years old.)

    I got a letter from the last credit card I had which is now going to sue for their 6,000. What do I do? I have one 401K left with 9,000. If I take that out won't they tax me and it will be much less and not enough to pay everybody?

    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
    Computer Expert and Renaissance Man

    Jun 19, 2007, 12:39 PM
    At 540 you shouldn't have too much trouble getting a home equity line of credit, Since you have about $50K in equity, you should be able to get a $25K line that should help you pay your debts.

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