the long a nd short of it is i was cosigner on a cc with my son the past 15yrs a card he basically used for business. almost 2 yrs ago the bus went under and he had to file chap 7 in march of 07. the cards amount of debt is about 20k and the collection agency is calling. now i dont have any assets in my name other than my 97 semi beatup ford escort. now i am 69 years old and only income is my ss check of 770.00 a month i live with my daughter right now in her house. my son and i have discussed this problem of his/mine, he cant pay it and niether can i, sowhats the WORST that can happen if we dont do anything dont pay at all. i understand they will sue and get judgement, i dont answer back... what happens? jailtime? take my car? eventully they saythats it? i have no problem doing this for my son just what worst possible outcome is. now my sons bk lawyer kind of told him that in the end since i dont have anything of value that theres not much they can do.
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Not sure what the worst-case is in your particular scenario, but you can't serve jail time for it so don't worry about that. I would think that if your only income is SS, then you are pretty safe and they may harrass you on the phone, but they can't do much else.Originally posted by qwikk6 View PostFiled: 7/31/08
341: 9/19/08
Report of no distribution 10/23/08
DISCHARGED: 11/19/08 (Day 60) -
I think you don't have to worry at all. Your son had the debt discharged in CH 7, so there's nothing they can do to him, and you have no assets they can go after (10+ year old escort not worth anything and SS income not garnishable) so really you are what they would call "judgement proof". That's not really technically correct, they could actually get a judgement against you, but it would be a big waste of the creditors time and money because they can't actually execute it since you don't have anything they can take, so a lot of people call it judgement proof since the judgement doesn't mean a thing even if they do pursue it. I'd see about changing your phone number, keep it unlisted, and all they can do is send you letters. Actually you can send them a cease and desist letter asking to only be contacted via mail if they are bothering you by calling a lot. Your son's lawyer is right, there's nothing much the creditor can do but try to harass you, and that only works if you let it. My one concern is that they may try to garnish your bank account, and then you'd have to fight with them to prove all the $ in your account came from exempt income (SS). So you might want to move towards a cash existence, and not leave $ in the bank for them to try to go after. My sister-in-law does this, and if she needs to write a check she gives me the $ and I write a check for her from my account or if she doesn't want to bother me she uses money orders. The only problem I really see is that your credit is going to be trashed, but if you don't plan on applying for a car loan or morgage, or want a great low interest rate credit card, I think there's not a thing to worry about.Filed CH 13 September 17, 2007
Plan Modified July 8, 2009 from $1100/month to $400/month due to change in income, finally discharged in July of 2013!Comment
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thnk you for your responces, no i don not plan on applying for anything as im pretty limited on mobilty at my age and i dont keep more 300 dollars in the bank just avoid the bank fees monthly. my son was more worried about this than i am hes trying to borrow the 5000 that they willing to take and settle so hes on the fence as what to do.
thank youComment
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