What to do if 7 years ago, I foolishly signed a loan for my son to buy a boat but it was repossessed and sold at auction?
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What to do if 7 years ago, I foolishly signed a loan for my son to buy a boat but it was repossessed and sold at auction?
I now have a $65K loan with a collection agency. I am 68 years old and have absolutely no assets at this point, not even a car. I do have credit cards which are being paid. I only have social security of $1350 month; I live with my daughter.
Asked on September 27, 2013 under Bankruptcy Law, Texas
Answers:
Terence Fenelon / Law Offices of Terence Fenelon
Answered 11 years ago | Contributor
You could consider filing bankruptcy or do nothing. If you have no assets and are living on a fixed income (social security , for example) your income is exempt from creditor attempts to collect. They may harass you and require court appearance occasionally, but you are basically " Judgment proof." Do NOY have checks automatically deposited in a bank account which may be attached. Get a check mailed to you, cash it, and go on a cash economy. Good luck.
If you want to avoid the mental stress, speak to a bankruptcy lawyer.
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 11 years ago | Contributor
Based upon what you have written about I suggest that you contact a local bankruptcy attorney to discuss what your legal options are with respect to the possible collection action that may be implemented against you by the debt collection company.
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