how far can a bank go to collect a credit card debt? - Page 2 - Other Topics Forum - Discuss Pop Culture, Arts and Entertainment

To be extra clear, there's a difference between garnishment(taking a portion of each paycheck) and a lien on a bank account(seizing funds in a bank account). I'm not a lawyer and your state may vary, but I've never heard of a private party getting a lien on another private party's bank account. Only the IRS/child support.

Garnishments are rarer, but they can occur. The most common bad result from a judgment for a private debt is a lien on any real property you might own. Most judgments, though, just sit out there as uncollected debts.

Also, yeah, your friend should probably declare bankruptcy. It'll be way cheaper than the current plan, and you can have decent(functional) credit in a few years.

I thought you were a lawyer. Plus I thought bank accounts were frozen often, maybe not for 5k...

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04-23-2010 , 06:26 PM

#28

LFS

emo gaylord

Join Date: Dec 2004 Posts: 21,865

This thread was amusing even before the spam, now it's LOL.

Back to back on the radio this AM I heard an ad for a place that will loan you money based off the value of your car immediately followed by an ad for another company offering to refinance loans you have taken off the value of your car.

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04-23-2010 , 06:30 PM

#29

stabn

Usurper

Join Date: Sep 2004 Posts: 21,579

I really want to buy some cdo's on BBB "car equity" bond loan pools. Sound investment imo.

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04-23-2010 , 06:43 PM

#30

Dids

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Quote:

Originally Posted by LFS

The ads on sports radio tend to be more predatory (towards the economically dense) than most of what's in my gmail spam folder. It's all offers for lousy leases on luxury cars, butthole stretching refinances, and debt consolidation.

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04-23-2010 , 06:49 PM

#31

LFS

emo gaylord

Join Date: Dec 2004 Posts: 21,865

Quote:

Originally Posted by Dids

Have you always dreamed of a career in professional sports? Take our online classes and soon you'll either be a sports agent or working in the front office of an NFL, NBA, or MLB team!

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04-23-2010 , 07:13 PM

#32

Henry17

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Of course they can garnish his wages as long as they get a judgment against him. They also can attach a lien against the house -- even if there is no equity now there will be eventually and by attaching the lien they make future financing of the property considerably more difficult. If your friend has any other asset of value they can seize that as well although that is considerably less common.

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04-23-2010 , 07:19 PM

#33

stabn

Usurper

Join Date: Sep 2004 Posts: 21,579

Thanks henry, i don't know what the OP would do without you!

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04-23-2010 , 10:36 PM

#34

The DaveR

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Quote:

Originally Posted by stabn

I really want to buy some cdo's on BBB "car equity" bond loan pools. Sound investment imo.

About 12 years ago a securitized pool of Thai auto debt was making the rounds. This was about a year after this:

http://en.wikipedia.org/wiki/1997_As...nancial_Crisis

Turns out the pool had like >50% returns in 3 years and the two principal investors (GE Capital and Goldman) made a small fortune.

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04-23-2010 , 11:23 PM

#35

hallsofshambala

centurion

Join Date: Jan 2010 Posts: 106

I was always curious about child support.

Let's say Carl meets Jane. Jane is a Catholic and Carl doesn't much care. Jane likes to get her rocks off so carl gives her a proper shagging.

Jane gets pregnant and tells Carl. Carl wants Jane to get an abortion but Jane will not do such a thing.

If Carl ran away to India is there anything the US Gov+foreign governments would do to catch Carl/get money from Carl?

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04-24-2010 , 03:04 AM

#36

Oski

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Quote:

Originally Posted by hallsofshambala

Your hypo never establishes the birth of a living baby.

Assuming such is the case, the answer is "no.'

At some point, however, she will get a default judgement with a child support order. That will accrue each month with interest and it is not dischargeable. If father has assets in the U.S. she can go after them.

Otherwise, if he never comes back to the U.S., he's in the clear.

Last edited by Oski; 04-24-2010 at 03:11 AM.

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02-22-2011 , 06:19 AM

#37

WinningTough

journeyman

Join Date: Oct 2008 Posts: 237

Quote:

Originally Posted by NicoleD

I prefere using a *link removed*. It is very easy to use. I helped me a lot. THis way i didn't have any depts anymore..

lol spammaments

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02-22-2011 , 06:36 AM

#38

Maso777

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You can wipe out unsecured debt with bankruptcy.
Ignore them. Worst case scenario is they take you to court and you file bankruptcy, best case scenario is they don't take legal action during the statue of limitations period, and you avoid bankruptcy.

Start to sell off assists to relatives. You want to own nothing but some clothing.

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02-22-2011 , 06:40 AM

#39

Maso777

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Originally Posted by hallsofshambala

Nope.

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02-22-2011 , 01:00 PM

#40

loK2thabrain

Tiger > Jack

Join Date: Apr 2006 Posts: 23,203

Quote:

Originally Posted by Henry17

Depends on which state he lives in when it comes to their ability to garnish his wages. Not sure about the house lien tho.

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02-22-2011 , 02:50 PM

#41

ShopliftUserName

adept

Join Date: Feb 2011 Posts: 1,035

Quote:

Originally Posted by FlyWf

It is true in that it's possible they'll garnish him, but it's pretty unlikely. For a regular person credit card debt that **** almost never happens, garnishment is mostly for child support, tax liens, and other things like that. However, if they sue and get a judgment the bank won't settle for nearly as little as they will prior to the suit, so the debt settlement company needs to settle prior to that.

Your friend's debt settlement company blows, by the way, the debt settlement company I worked for would cut off any collector->client contact immediately. That bill collector's job is to scare your friend into paying, of course he's going to say they'll garnish his wages.

I don't think this can be that unlikely; my friend just had his wages garnished for a ~2k credit card bill that he was working with a debt settlement group with.

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02-24-2011 , 02:07 PM

#42

duecesful

grinder

Join Date: Apr 2007 Posts: 452

Quote:

Originally Posted by ShopliftUserName

I don't think this can be that unlikely; my friend just had his wages garnished for a ~2k credit card bill that he was working with a debt settlement group with.

I work for a lawfirm that does debt collections. As soon as I see that somebody has enrolled in a debt settlement company I almost always have to file suit prior to getting payment. The reason I do this is I have to make our account a priority to get paid and this seems to be the only way

My suggestion is to avoid the settlement companies all together and try to settle yourself. You will get the same deal that the settlement company would get without paying their commission.

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