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

    Feb 13, 2009, 06:55 AM
    Cap filed suit over credit card
    CAP ONE filed suit Over A credit card If they get A judgement can they repo my 1995 taxi that I own outright? It is what I make A living with.It is the only item I own.
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
    Computer Expert and Renaissance Man
    		  
    #2

    Feb 13, 2009, 08:26 AM

    Probably not, though it may depend on where you live. Also it will depend on how your business is setup. You really should be an LLC at the least.
    bohmlimo's Avatar
    bohmlimo Posts: 3, Reputation: 1
    New Member
    		  
    #3

    Feb 13, 2009, 08:33 AM

    I live in Ohio,and am sole proprietor.
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
    Computer Expert and Renaissance Man
    		  
    #4

    Feb 13, 2009, 08:36 AM

    Big mistake being a sole proprietor. If you have an accident in the cab, you could be totally wiped out, even with insurance.

    But I do think the cab is protected from attachment for unsecured debt.
    bohmlimo's Avatar
    bohmlimo Posts: 3, Reputation: 1
    New Member
    		  
    #5

    Feb 13, 2009, 08:38 AM

    Ok ,thank you for the info.
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!

Credit Card law suit [ 3 Answers ]

I lost a substantial % of my income for approximately 7 months. It will be restored in March 06. Amex, however is demanding payment in full, and wish to proceed to collection and possibly law suit. They say there's no room for leniency. I know I owe them money and have offered to pay a smaller...

Credit Card Suit and IRS lien [ 7 Answers ]

My wife was served a summons this evening notifying her that she is being sued by a credit card company. And in short it says that if this is not responded to or resolved , there will be a judgement filed in favor of the CC company. I suppose that this means a judgement against personal and real...

Suit by credit card co. [ 1 Answers ]

I have received a summons to appear for a pre- trial conference/ mediation in Florida. This is due to an old debt with Capital One. How should I proceed?

Credit Card Law Suit [ 2 Answers ]

I was just served a notice I was being sued by a collection agency. I have 20 days till the next Monday or whatever. How soon can they garnish my bank account. Do they have to wait until the 20 days and I default. If I empty my bank account and leave 10 dollars what will happen? How long can they...

Credit Card Suit Against Me [ 1 Answers ]

In 1996, I obtained a credit card from Chase with a limit of $100. I thought the card had been paid off, so whenever I received correspondence from Chase, I discarded it because I assumed they were wanting me to increase my limit. I then started receiving calls from a collection agency that...

View more questions Search