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  1. #1
    Join Date
    May 2011
    Posts
    1

    Default What Assets Can Be Taken By a Collector

    My question involves collection proceedings in the State of: Ohio

    What assets can be taken by sheriff if a credit card sues me and wins?

    I am very worried about a Discover Card I've had for over 4 years. The original debt was 4.5k from putting medical assisting tuition and books (huge ripoff and waste of time). Been paying it off for a while and finally down to 2.6k. Never missed a payment and never late. Always pay over the minimum as well. My amount has also been "frozen" to avoid the new policy changes. It's been my biggest challenge to conquer this debt beast.

    However, I'm recently unemployed and running out on my savings. I am taking a class in the summer for dental hygienist at workforce, but it will be at least 3 months until the class is over and who knows how long until I am employed. And I have enough savings left for only 2 payments. So it is a great possibility I will be sued unless one of my part-time job applications for restaurants nearby gets approved quickly.

    I wonder what assets can be taken because I have no car (walk everywhere and use bus). I also live at home. I receive Food Stamp Benefits for taking care of my disabled mom. My biggest assets are a laptop for my classes (gift from my uncle and mom this past Christmas) and a 3 year old PSP also a gift. I am pretty minimalist in what I own. I wondered if I should sell them to pay toward my card if they would be taken. My family advised against it as they just paid a lot for my laptop and were very upset. Even offered to let me borrow money for my payments until I get an income but when they realized my minimum payment is $55, they were very reluctant. They thought it would be only $20. The PSP I"m not worried about it besides that my siblings like to borrow it. and would my food benefits be taken away?

    I'm sorry if this post is all over the place, I'm just awfully stressed right now and wish there was an easy way to make at least $55 a month. This small town lacks even a plasma donation center.

  2. #2
    Join Date
    Sep 2005
    Location
    Behind a Desk
    Posts
    98,846

    Default Re: What Assets Can Be Taken By a Collector

    Exemptions from collection by a judgment creditor are described at ORC 2329.66.

  3. #3

    Default Re: What Assets Can Be Taken By a Collector

    You are not going to get sued over $2,600. Even if you would, it would take months or years.
    Do not go selling your stuff either cause you won't get much for it and you won't have it after selling.
    Even if you got enough to make a few more payments, what happens when THAT money runs out?

    Yes the creditors send out scary looking letters and have that guy from the middle east call to threaten but seriously, you have nothing to worry about.

    Let us just say, hypothetically, that they sued and won. Do you really think they are gonna send the sheriff to confiscate your laptop, videos games, and your treasured Barry Mandalow "Greatest hits" CD collection? They could sell these things but it would not amount to anywhere NEAR $2,600 and selling that stuff would be a huge hassle.

    Look, there are millions of people with unpaid debt out there. The ones the creditors are interested in are the ones who CAN pay up. People who DO have solid assets. Solid assets are things like vehicles, homes, (sizable) savings, or some kind of portfolio.
    Some jobless guy collecting food stamps and playing his PSP is not someone they are gonna look at and say, "Let us sue this guy, it makes sound financial sense".
    Dude, the worst that will happen is they will send scary letters and have some guy with a heavy accent call and try to sound intimidating.

    Quit worrying.

    OH BTW there was a point in history where if you could not pay your debts, they would hold you in jail while the sheriff pretty much cleaned out your house but that time was at least 100 years ago. Back before anyone owned a treasured Barry Mandalow CD collection that one would cherish forever.

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