reply to post by LetFreedomRing
what will probably happen is that your original creditors will sell your past-due account(s) to one of those bill collection companies - they will
then seek to collect the amount from you in one of several ways, often in a progressive-type process.
they might send you a letter to send in a reduced amount to settle the whole amount - they will most likely offer you an installment plan, or a choice
of a few, as long as you send in your first payment in a specified time frame after receiving the notice.
if you don't pay, they will send more letters, differing only in the amount required to settle - the longer it goes on, the less reduction from the
original amount owed.
after it gets to the letter seeking to collect the whole original amount (to which they have probably added their own interest over the time period
since they sent the very first letter)
, they most likely will file a civil suit in your local court to try to collect that way.
they must subpoena you and if you do not show, the judge takes that as an admission that the debt is your responsibility and you don't dispute its
now, the thing about the court thing is that even though the allowed judgments vary from state to state, if you have NOTHING that is counted as an
asset, when the judge decides the judgment against you (the amount you owe the collection company plus court fees)
, then there is not really
any value to that judgment - it is only a legal order allowing the company who bought your original debt to legally collect financial worth from you,
through the channels specified in the court.
usually, this is a garnishment of bank account(s) and/or wages or other income, some of which are not allowed to be garnisheed depending on state
laws, etc. social security is not garnishable, as far as i know, all over the US.
that doesn't mean they won't take it, though - if they do, then it is up to you to prove that it is income from the particular source that should
not have been garnished.
sometimes, if you own a home or property, they might put a lien on the property for the amount owed which means that it cannot be sold until that
amount is paid and the lien is cleared.
if you have none of those things, they cannot take the usual measures.
HOWEVER, i don't know what else they can do and as far as i know, they can't keep taking you to court over the same debt - just like you can only be
tried for a particular crime one time.
also, this whole process could literally take YEARS and by then your situation might have changed to where you get the shaft.
if you dig.
i think you should get some legal advice that you can trust.
which means from a lawyer there in your town, not on-line and not free legal advice.
most lawyers will talk to you about such a thing and charge you fees if and when you need their help in court/legal proceedings, especially if you
have used a certain attorney in the past and paid the fees, etc.
but do seek professional counsel.
i wish i could say YOU GO, DUDE! in regard to your intention threatening the evil maniacal wall street suits...
but to be blunt, you are no threat to them, in any way, no matter what you do - not for 8G, especially.
they make so much money from interest and other fees and are so big financially, already, that extending credit so foolishly as they have in recent
years, to people that really have no business extended themselves like that, it was a calculated risk that was designed to profit them without any
real losses, even with the defaults such as your account(s).
the real problem with the credit mismanagement is the national economy in general, but as far as those who run these companies, and profit from it,
it's not ever going to put them at a financial disadvantage which means there is really no financial leverage that would be effective against them!