What to do if I’m being sued by a credit card company?
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What to do if I’m being sued by a credit card company?
The judge ruled I must pay the debt. Their lawyers have sent a paper for me to fill out my financial information – bank accounts, how much my car is worth, etc. I know these people can garnish my wages and take from my bank accounts. What I’m wondering is can they take money from joint-accounts? When they garnish my wages, how much will it be? And can they take my car? I have to travel a lot for work; no car, no job, no money to pay the debt.
Asked on December 10, 2012 under Bankruptcy Law, Florida
Answers:
M.D., Member, California and New York Bar / FreeAdvice Contributing Attorney
Answered 11 years ago | Contributor
First of all, assets in joint bank accounts are vulnerable, so you should close all such accounts. Your wages may be garnished; the exact amount varies from state-to-state but many follow federal law which is 25% of your disposable earnings or the amount by which your disposable earnings for the workweek are greater than 30 times the federal minimum wage (you can look up your state's percentage on-line). Finally, you car may or may not be "exempt". If it is exempt under the law in your state, it cannot be seized by a creditor. Again, you can look up your state's exemptions on-line.
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