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    #1

    paypal question

    I don't plan to pay my 2 remaining credit cards and just let them charge off. Can they sue me and take any funds on my paypal account? I also have a bank account under my brother's name. Is that at risk too? What other type of accounts should I close? Thanks for your help.
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    #2
    When you say, "I have a bank account 'under' my brother's name", what exactly do you mean? Do you mean, your name is "also" on your brother's bank account along with his name, i.e. a joint account; or the more sinister, you use your bother's name on this bank account (for what ever reason, which is a bit no-no).

    Paypal account is "probably" safe becuse most creditors won't look there initially. But if they sue you and get a judgment, they will have a "right" to garnish your paypal funds, but, as I said, they don't usually look at paypal.

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      #3
      About 1 year after my brother opened his bank account, he added my me as a co-signer. What factors will cause them not have a judgment? I hope paypal won't close my account cause I have hundreds coming in every month.
      Last edited by qwertykb; 08-25-2007, 08:03 AM.

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        #4
        The only way to stop a judgment is to eventually pay the debt before a judgment is obtained or file BK.

        Ok, so you are co-signer on your brother's account. If they ever get a judgment against you, you do not want your name on your brother's account. Assuming the creditor could identify that account, they can garnish the account, and then you will have to go through the hassle of having to demonstrate that the money in that account is not yours.

        As for paypal, Paypal is not going to "close" the account, but if the creditor got a judgment against you, that creditor could conceivably garnish the account, but honestly, I have never heard of that happening, at least not in the run-of-the-mill consumer credit situation...but legally, they could do it.
        Last edited by HHM; 08-25-2007, 09:50 AM.

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          #5
          After an account is charged off, would the collector's still offer settlements or do I have to pay the balance in full? Thanks for the info.

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            #6
            Most collection agencies and debt buyers will offer settlements. However, generally speaking, settlements are to paid "lump sum".

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