Ask Experts Questions for FREE Help !
Ask
    slv14344's Avatar
    slv14344 Posts: 3, Reputation: 1
    New Member
     
    #1

    Feb 2, 2011, 01:01 PM
    I owe credit card for $6000 and the credit card company subpoena me?
    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.
    JudyKayTee's Avatar
    JudyKayTee Posts: 46,503, Reputation: 4600
    Uber Member
     
    #2

    Feb 2, 2011, 01:04 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.
    smoothy's Avatar
    smoothy Posts: 25,495, Reputation: 2853
    Uber Member
     
    #3

    Feb 2, 2011, 01:05 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 gentlemen's agreement.
    joypulv's Avatar
    joypulv Posts: 21,593, Reputation: 2941
    current pert
     
    #4

    Feb 2, 2011, 01:26 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.
    JudyKayTee's Avatar
    JudyKayTee Posts: 46,503, Reputation: 4600
    Uber Member
     
    #5

    Feb 2, 2011, 02:34 PM

    I will add a PS - you will get a SUMMONS to appear. A SUBPOENA is for a witness.
    slv14344's Avatar
    slv14344 Posts: 3, Reputation: 1
    New Member
     
    #6

    Feb 4, 2011, 03:31 AM

    Well, I think you need to make a payment arrangement with the creditor...
    slv14344's Avatar
    slv14344 Posts: 3, Reputation: 1
    New Member
     
    #7

    Feb 4, 2011, 03:35 AM
    Next time don't get involved with credit cards anymore..
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
    Computer Expert and Renaissance Man
     
    #8

    Feb 4, 2011, 04:43 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.

Not your question? Ask your question View similar questions

 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


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 questions Search