Should I get a PO Box for privacy from debt collectors?

[GoingDown]

So much great advice here I don't know where to begin. Thanks everyone.




I did not know that only one creditor can garnish at a time! That applies anywhere in the U.S.??


I am in Florida where the law allows 25% garnishment and there is a 4 year SOL. Right now I owe $20k or so mostly on two cards with Cap One and two cards with Washington Mutual; but the total balance is going up fast what with late/over limit fees.

I also owe $180k on my Chase mortgage; and $30k on my Countrywide HELOC which is all in a pending foreclosure.


I earn $38k as a teacher. I cannot switch jobs or districts... I just can't. I love what I do. Teaching positions are being cut everywhere in Fla. right now, so transferring to another district is not an option.

I don't think the credit card people know where I work, unless I wrote it on an old application years ago. I'm pretty sure Chase and Countrywide have all that info, including my salary.

I think I'm likeliest to get sued by Countrywide and CapOne, from what I've read. Chase will probably do OK in the foreclosure auction because they have first dibs on the proceeds.




I am getting ready to switch banks. But before I do that, I'm trying to find out how to make myself more judgment proof. I read online, I think a lawyer's website, where you can form an LLC in Florida for a couple hundred dollars. Then you go an open a new checking account in the LLC's name, and list yourself as the signor on the account. Supposedly this means if you get a judgment down the line, money in LLC is untouchable.

Likewise (according to what I read)... you supposedly can sell the title of your car to the LLC and then the car would be judgment proof.

I have no idea whether this is accurate or not, I really haven't researched it, but if it is true I will go that route.

In my case I own a paid-for Honda that's 7 years old and has a blue book value of
about $8k. So I do need to protect the car.
And yes I hear what everyone is saying about not hiding things from the court... I would never do that. I mean if a court asked me for my financial info I would be truthful about all of it including the LLC. But I'm a single person, I have no family nearby. I am alone in all of this. If my car gets taken, I'm SCREWED.




Just the idea of going to court scares the cr@p out of me!! Thanks for the advice though...! Mental note to leave the car at a friend's house that day!

Rather than puting money in an LLC, keep it in cash and save up enough to buy another car in case they take yours.

[cityish]

Rather than puting money in an LLC, keep it in cash and save up enough to buy another car in case they take yours.

I have thought about that. Or if I start getting hounded by a collections agency & if a lawsuit seems imminent, maybe I could sell the vehicle and put the cash in an IRA???


I am thinking of going across the street and getting that mailbox from the UPS store. If only so that I won't be receiving any more of this embarrassing foreclosure junk mail here at my apt. home address.

I can only imagine what the mailman is thinking and who knows if he ever shoots the breeze with the people in the leasing office?

Every day I am getting these embarrassing advertising flyers from HOPE NOW and junk mail with screaming red headlines like "HELP NOW FOR DISTRESSED HOMEOWNERS" and "WE'RE HERE TO HELP SAVE YOUR HOUSE FROM FORECLOSURE" crap.

I want the privacy of a PO box.

Big John do you mean it is illegal to use a PO box on your driver's license now? I would love to know because I still have not updated my drivers license since I moved. I would love it if I could list a PO box instead of my new apt. address.

On the other hand I kind of don't want to update my driver's license/ voter's registration at all. This way I won't keep getting nailed for jury duty.

[BigJohn]

Big John do you mean it is illegal to use a PO box on your driver's license now? I would love to know because I still have not updated my drivers license since I moved. I would love it if I could list a PO box instead of my new apt. address.

I believe it is the Patriot Act which makes it illegal to have a P.O. Box for an address on a driver's liscense. But, I know of several people that use P.O boxes and nothing happens.