Q: Advice for answer to Bank Law Suit.
Defaulted on unsecured credit card and LOC payments .
Bank filed a Law-suit, and Court has given 30 days (04/13/21 received on 4/29/21) for Pleading or Motion.
Fines and penalties aside, the Bank’s claim is right. But I have no money or personal things, to pay. I live and survive on family support and SSI (not social security) my spouse gets.
We were self-employed. My spouse is in mid-seventies with some age-related issues, and It seems improbable that we could restart something in any near future.
Can I get advice about what my Course of action and Line of Defense in the situation.
A: I’d be concerned if you owned real property in your sole name, but other than that, you sound judgment proof. If you do own a home, and it’s tiled as tenants by the entirety with your wife, then that property is safe. They can’t attach SSI with a garnishment even if it was your SSI, but they can’t attach anything of your wife’s. If you have a joint bank account they could garnish that, but there are defenses and exemptions that would likely get any attachment released. You could file bankruptcy and simply discharge the debt. Then you won’t have to worry about it at all.
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