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  1. #1
    Join Date
    Sep 2008
    Posts
    2

    Default Judgment from Credit Card Company

    My question involves judgment recovery in the State of:Texas

    My wife and I got into a bad financial situation a little over a year ago. We've been able to keep payments current on both vehicles and 2 credit cards, but went default on 2 other credit cards that we simply could not keep up. Both cards were charged off, and both were in my name only, not my wife and I jointly. Both filed suit only against me, and 1 has been awarded judgement.

    What is the next step?
    1. Are they going to come after our joint bank account?
    2. I have a small IRA that was rolled over from a 401K I had with a former employer that's in my name only. Are they going to come after that?
    3. The only thing we really have other than a TV or entertainment system that's in the house is a small trailer that's in both our names. We sold most everything else to try to get the money to keep up payments on other stuff. Are they likely to come take possession of the trailer?
    4. Are they going to work to garnish my personal wages? If they do, we'll probably end up going default on the stuff that we've been able to keep up with so far.
    5. Do I need to consider filling personal bankruptcy, or is that even an option?

    As you can tell, I don't know what to do.

    Thanks for any help

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

    Default Re: Judgment from Credit Card Company

    I would expect them to pursue your joint bank account. They can't garnish your wages (Texas doesn't allow wage garnishment) or your retirement savings.

    You can discuss your situation with a bankruptcy lawyer to see if that is a suitable option for you. You should be able to get a free evaluation.

  3. #3
    Join Date
    Apr 2007
    Location
    Il.(near StL,Mo.)
    Posts
    5,252

    Default Re: Judgment from Credit Card Company

    Agree, talk to a lawyer. Texas is a community property state & both spouse's assets/income can come into play in a judgment and bankruptcy.

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