Q: 11/2020 during COVID pandemic I got a loan from loan Co and forgot I'm on disability and all I have is my house what can
They do to me I'm in Missouri
A:
In Missouri, if you're unable to repay a loan, the lender may have several options, depending on the type of loan and the agreement you signed. It's important to first understand the terms of your loan, especially regarding default and collateral.
If the loan is secured, meaning you put up your house or other assets as collateral, the lender might have the right to seize the collateral to cover the unpaid debt. However, if it's an unsecured loan, the lender's options are generally limited to suing you for the debt.
Since you're on disability, it's crucial to understand how your income is protected. Generally, disability benefits are exempt from garnishment by most creditors. However, this protection has exceptions, so it's important to verify your specific situation.
Given the complexity of your situation, it's advisable to consult with a legal professional. They can provide guidance tailored to your circumstances, including the specifics of your loan agreement and the protection of your disability income.
Remember, communication with the lender is also key. They may be willing to work out a payment plan or offer other solutions. Being proactive can sometimes lead to more favorable outcomes.
Justia Ask a Lawyer is a forum for consumers to get answers to basic legal questions. Any information sent through Justia Ask a Lawyer is not secure and is done so on a non-confidential basis only.
The use of this website to ask questions or receive answers does not create an attorney–client relationship between you and Justia, or between you and any attorney who receives your information or responds to your questions, nor is it intended to create such a relationship. Additionally, no responses on this forum constitute legal advice, which must be tailored to the specific circumstances of each case. You should not act upon information provided in Justia Ask a Lawyer without seeking professional counsel from an attorney admitted or authorized to practice in your jurisdiction. Justia assumes no responsibility to any person who relies on information contained on or received through this site and disclaims all liability in respect to such information.
Justia cannot guarantee that the information on this website (including any legal information provided by an attorney through this service) is accurate, complete, or up-to-date. While we intend to make every attempt to keep the information on this site current, the owners of and contributors to this site make no claims, promises or guarantees about the accuracy, completeness or adequacy of the information contained in or linked to from this site.
