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    trublukycats's Avatar
    trublukycats Posts: 1, Reputation: 1
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    #1

    Jul 14, 2010, 07:20 AM
    What happens when you can't pay two credit cards?
    My husband is 68 and I am 65. We have a mom & pop business which is paid for. He had open heart surgery and we borrowed 28,000 in home equity to pay off the hospital bills that the insurance didn't pay. We have 2 credit cards with a total of $15,000. Our business has dropped tremendously. We only made $12,000.00 after expenses and we are surviving only because of our social security and a small state pension. What can the credit card companies do to us? Can they take our shop, which is paid for? They can't garnish our wages because we are self employed. We can barely afford utilities and food.
    excon's Avatar
    excon Posts: 21,482, Reputation: 2992
    Uber Member
    		  
    #2

    Jul 14, 2010, 07:25 AM

    Hello t:

    If they win a judgment, they can seize your personal property to pay for it. SOME stuff is exempt, of course, but your business is fair game.

    excon
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