Results 1 to 2 of 2
  1. #1
    Join Date
    Nov 2011
    Posts
    1

    Exclamation Sued Over a Large Debt - What Are the Possible Outcomes

    My question involves collection proceedings in the State of: TEXAS

    Hello, I have been reading through the internet and have found conflicting information so I am interested in those that know about how this works in Texas.

    I am being sued by a credit collection service for about 23k from about 4 years ago. I make roughly 60k per year and have a family of 5 (3 under 18).
    A week ago I opened a bank account in my wife's name and got rid of my account. I deposit the money from my checks into her account. I have one 12 year old car in my name, and one 13 year old truck in her name. We have very few valuables in the house with the exception of my wife's firearms, cheap furniture, and 1 tv. We also have 1 farm trailer which is exempt. We live on 3 rural acres.


    If I chose to ignore the court date and I get a default against me, what is likely to happen?
    My wife's bank account cannot be touched since she is not being sued correct? I understand wages cannot be garnished but bank account can.
    What is the likely hood of having an involuntary bankruptcy filed for me??
    The majority of my paychecks go toward our bills and fuel -with very little left at the end of the month.
    We are not extravagant people and I don't believe I can afford an attorney.

    Also

    Should there be an involuntary bankruptcy, what would likely happen? After liquidating my few non-exempt assets would I still have to make a payment plan out for this creditor?? Please help and thank you all very much, JO.

    Please I am only interested in factual information based on TEXAS.

  2. #2
    Join Date
    Jan 2006
    Posts
    38,867

    Default Re: Texas- Suit Filed by Creditor for 23k. What Are the Likely Outcomes

    If I chose to ignore the court date and I get a default against me, what is likely to happen?
    they will get a judgment against you


    If you research what is exempt from being seized to satisfy a judgment, you will likely find that they will not be able to take anything. It sounds like most of your property and income is exempt.

    look here: http://www.bankruptcyinformation.com/TX_exemp.htm

    1. Sponsored Links
       

Similar Threads

  1. Suspended License Due to Large Ticket Debt
    By thelittlehours in forum Driver's Licenses
    Replies: 1
    Last Post: 05-19-2010, 11:02 PM
  2. Debt Collectors: Unemployed and Have a Large Medical Debt I Can't Pay
    By rideat0psi in forum Debts and Collections
    Replies: 4
    Last Post: 02-16-2009, 02:43 PM
  3. Debt Collectors: Sued Over Debt
    By CMI in forum Debts and Collections
    Replies: 4
    Last Post: 04-14-2007, 03:29 PM
  4. Debt Collectors: Being sued for an old debt
    By gbothepro in forum Debts and Collections
    Replies: 1
    Last Post: 08-07-2006, 07:42 PM
  5. Debt Collectors: Being sued for debt I do not owe
    By YesLioness in forum Debts and Collections
    Replies: 5
    Last Post: 10-27-2005, 10:54 AM
 
 
Sponsored Links

Legal Help, Information and Resources