When it comes to money in bank accounts and debt judgments, one can always close out the account and keep the money at home as some debt collectors don't care what the law says.
I love the information given on here, very informative, they try to make us believe that we have no protection anywhere, Thanks for keeping people aware
I am scared sick. I just went to check my bank to make my bills and it was negative. It was garnished from a car repossessed over twelve years ago. Over five years or more ago I was sued for the money because I was not able to maintain a payment plan with the lawyer who had this debt originally from a bank loan for a car. I am living on social security barely surviving on that currently unable to see cardiologists due to copay for insurance and this is soooo scary. Its the weekend and I hear they are not suppose to touch your social security disability money but ybey have so now what? I am so frightened I do need medicine have electric bill and car payment Im just crying and a hot mess. If I could work as a nurse again that I went six years of college for and paid off that student loan debt paid off threr other car loans holy god I would pay if I was able but Living now due to food pantries and church meals this is super frightening. Whats a person to do I will be on the street.....
Call your bank on Monday. If the money in your bank account is from an exempt source, and does not exceed the protection limits, you can get that money returned to you. You may want to talk to an experienced debt collection defense attorney in your state to discuss more options.
These people are honest! I called and talked to them. I don’t care if collectors call me and they told me I didn’t need them then. I may join to help others out
So My mom has 4 Credit cards IN NY totaling 400 minimum a month payment. I was paying 1 of them at 80 and it recently dropped off 0% and doubled. I tried talking to the CC company and they offered no help lowering interest. hardship program wasn't helpful. I contacted CC counseling and they offer to consolidate all 4 cards at 10 more per month but pay off in less than 5 years. The amount needs to go down not the length to pay off. I have no choice but to stop paying the big CC. All she gets is SS. She lives with me and shes on the mortgage in case something happens to me. I cant afford to help her pay CC debt anymore. Any suggestion
thanks for the video, today December 5 2016. I was in court for a debt that appear after 2 years, the judge told me that I have to pay, and that they will send me the documents by mail. I'm disable and receive SSI, I can't pay because I don't have money left to save or bye my wife and two daughters something for Christmas. I'm only 51 but have a bunch of Heath issues. please give me some good news, do I have to pay even if the judge said it? thanks and God bless. Willie
The judge is likely referring to owing the debt generally, and not speaking to your exemptions consistent with your income, or lack thereof. The judge cannot change whether your sources of income are exempt or not.
I lost my business at the tail end of the Great Recession and am now dealing with debt collectors and threats to be sued by purchasers of bad credit card debt less than $5 k each debt defaulted on. I have no income and cannot work due to continual failing health. Can they take possession of my house hold items after a suit is won?
Each state has exemption thresholds for household goods. What state are you in? Most collectors just want cash, and not our stuff. I rarely see them try to collect outside of wage garnishment, bank levy, or property lien. Who are the creditors at issue?
H.E.L.P.S. You are angels. I was beginning to lose hope that there was even anyone to talk to about these matters or even gave a s..... without paying enormous lawyers' fees. I will be calling soon and will be glad to contribute to your organization. Just hope you're still there!
The key is being judgement-proof. Assets that are vulnerable to creditors are home equity beyond exemption amount and EARNED INCOME above garnishment cutoff of $217.50 net per week, even if other retirement income is protected. We exist. For us, bankruptcy may or may not be a solution, for a variety of reasons. If we really need the money and have the ability and opportunity to earn more than $217.50 net per week, keeping earned income below the garnishment threshold is not an answer.
As an attorney for over 40 years and having filed over 40,000 bankruptcies it is not the practice of consumer judgment creditors to go after a person's home even if there is equity over the state exemption- just doesn't happen. Many states protect income over the federal minimum of $217.50 per week.
How can you prevent a creditor from placing a judgement and freeze your bank account if you get SSDI? I know it can't be garnished, but I read they can put a freeze on your account to intentionally cause fear and hardship and it's legal.
I'm a new subscriber, I am on disability benefits I'm 57 I dream to go back to work some day, if I get better , I got sued buy a debt collector and only have a few days left to answer the summon , my question is does it affect my credit score or does it show on my credit a default judgment ? I'm just curious, thanks so much for all your wonderful videos and valuable information
Most judgments no longer appear on our credit, so likely no additional pain in that way, but the underlying negative to have already not paid on something long enough to be sued should already be causing a lower credit score.
I was a victim of hurricane Irma, I lost my home and my car and everything that I had and Marathon Florida I responded to a Craigslist ad for a gentleman who had a sailboat for sale. He took $1,400 of my money and refused to sign the title over I took him to court suit him and one but he is a senior citizen and his judgement proof and he is also a career criminal and a scam artist his name is Thomas Irving Davis jr. Of West Palm Beach Florida you can Google his name and you can look in the Palm Beach County Clerk of Courts website to see his laundry list of offenses and because he's judgment-proof and because of lawyers like this he will continue to screw people over
Never hand over money without the title. Somebody tried that with me once, for a car. He was a foreign student and just didn't know any better, but he got no money from me until I got the title.
Yes thank you so much for helping the seniors, these other people want to help illegal immigrants and feed them but not seniors that worked all their lives in America..
You guys are good without a doubt but one of you said something about seniors not needing a credit card but what do you do if something goes wrong with your essential needs such as your car heat pump refrigerator I’m sure this attorney is honest but I know he is going to charge a lot for his service Why can’t Ido everything he does
I am curious about this too. My understanding was this - you close any accounts with the relationship that you cannot pay back. Say if, you have a credit card with BofA and a checking account - you cannot pay the BofA credit card. You need to close the bank/checking account. You can pick and choose the necessary credit card to keep. Please correct me if I'm wrong. I am looking into this again due to a new financial/health hardship - I was 40.00 per month. Much less than the minimum due on the account that I want to stop paying.
Both Army retirement and Veterans Pension are exempt from garnishment for the collection of commercial debts. See attached proof of this from URL for the Army retirement pay: www.dfas.mil/garnishment/civgarnishment/enforce.html But is says exactly at this URL, “Military retired pay is exempt from garnishment for anything other than child support, spousal support, or a property division under the Uniformed Services Former Spouses' Protection Act. It is exempt from garnishment for the collection of commercial debts.” See attached proof of this from URL for the Veterans Pension pay: www.va.gov/OCA/testimony/hvac/5AG98AGC.asp But is says exactly at this URL, “Federal statutes generally prohibit the garnishment of VA benefits to satisfy debts owed to private individuals. The sole exception is that VA disability compensation received in lieu of waived military retired pay can be garnished in order to satisfy court-ordered child support and alimony obligations.”
I would talk to an experienced debt collection consumer law attorney in your state about this. If the calls are harassing, many will take your case at no cost to you, and go after the collection agency on their own dime. You can also file a complaint of harassment against the collection company with the CFPB. More on that here: consumerrecoverynetwork.com/filing-complaints-with-the-cfpb/
Attorneys now are buying your debts from collection agencies then you start getting nasty letters and phone calls threatening suit. How long can a collection agency show a bill? This one was 12 years old.
Im on disability and got my newly opened savings account that I was using to put my stop smoking money in...anyway, it was only open 2 wks and the bank froze that but not my checking for my SSD. At times I do get other moneies, but never more then one months worth of SSD and not that often, am I to understand as long as my running balance is less then 2 time my social security, I'm OK?
They froze my savings on a old unknown by me judgement from 13 yrs ago... The savings account was only open for 2 wks..they only froze the $66 that was in there, I was making a daily few dollars deposit from my checking...needless to say, the stress of this, has not been good for my not smoking resolution...lolll
Money from a non exempt source can be at risk. Money from an exempt source, such as social security disability, you should try to keep below 2 months of total balance.
He charges $40 a month for a low-income person that's very pricey when you add it up times 12 that's a lot of money for someone who doesn't have any money to pay their own bills and doctor bills never mind collections
Not true! HELPS is a 501 c charity. One out of four of our clients receive our assistance at no charge, No person that needs the help we provide is ever turned away. We have a sliding scale that is suggested for fees, but that is adjustable. It is all laid our clearly in our website www.helpsishere.org Eric Olsen Executive Director HELPS Nonprofit Law firm
I’m on disability and have several old credit cards in collections. I only get around 600 a month. Can they sue me and can I go to jail if I don’t pay? I let them talk me into monthly payments now I don’t have any money to live on
You can still be sued, but your disability income is protected. You will not be arrested for unpaid debt, but always pay attention to court notices if you eventually are sued. If the court compels you to do something, like appear for a debtors examination, and you ignore it, that could lead to something like what you are concerned with.
I am aware of court ordered asset examination that someone does not show for where a bench warrant has been issued that can lead to arrest on the failure to appear, but not for the debt.
Thank you very much for your info , I have a friend that miss his asset examanatin can he don't work so he is afraid of being in custody ,do you have any idea how long they will jail him for? So I could help him out with the right information.
Ive had bank accounts only containing social security, ive asked the bank managers and they say they will hand over money to a collector if they get a judgment no matter were the money comes from. 4 banks told me that ,so i only use the directexpress card and not have a bank account.
You could run your question by an experienced debt collection consumer law attorney in your state, or contact your state attorney generals office with this question too.
As the video states twice the amount of SS or federal benefits received each month is protected automatically under federal banking regulations NO MATTER THE ACTUAL SOURCE OF FUNDS in a bank account at the time of garnishment. This is handled by a different department in the bank and in my experience bank mangers as a rule know nothing, nada, zip about this rule. Eric Olsen Executive Director HELPS Nonprofit Law Firm
Pensions could be protected at the source, but the distribution landing in your bank account could be an issue depending on your state. I would talk to an experienced debt collection consumer law attorney in your state about this.
States have exemption laws that protect a certain amount of equity in a home from collectors, However, even if a person has equity in a home in excess of that state's homestead exemption it is not the practice of unsecured judgment creditors to go after a persons home. I believe this video from HELPS RUclips page will explain this in more detail Eric Olsen Executive Director HELPS Nonprofit Law Firm ruclips.net/video/c8KORUeOSDU/видео.html
I cannot recall where I have seen someone forced to sell something they do not own. If you have a car loan it means someone else owns the car until you pay it off.
Michael Bovee What’s to describe new debt? Means I just had to stop paying my cc bills as I became disabled. And am senior. I feel terrible but I have no money.
I am sorry, but I do still do not understand the question. If you have unpaid bills and collection accounts, but are otherwise uncollectable, there may be no path for creditors and collection law firms to effectively force you to pay, even if they have a judgment against you.
Michael Bovee I meant I just stopped literally a month or so ago when I couldn’t buy food. That is new debt not old. I was gifted a car worth $30,000 from a man I took care of for 10 years he just gave it to me a couple years ago..Can that be taken? It’s paid for. It’s all I have.
Though this is a good organization they charge you $41 or $45 a month to send letters to your debt collectors telling them that you’re on disability. I can do that myself. Another thing they don’t help someone who is waiting for disability and has no income or no assets.
Sure, Jean...you could do that yourself, but A) by virtue of the fact that you're not a licensed attorney, how much weight will your photocopied letter have to a creditor/collector? B) As a new client in early '21 of HELPS, I now know that, as a non-profit, they can actually do their work for free, but inasmuch as they're saving me hundreds of dollars a month in credit debt, $30 a month is more than a fair cost for me.
They charge 40.00 a month and a year later it's dropped to 20. I've been a client for a year and 1/2 and I'm so happy I was referred to HELPS because I didn't know where to turn. Initially I contacted a debt consolidation company to consolidate all my bills and make one payment, which is a big mistake from what I was told. IT WAS the debt consolidation company who gave me the phone number for helps,, which THEY NEVER DO, well most of them don't. I am greatful this Company was honest with me and told me I was Judgment Proof and to contact HELPS. I love helps and I will refer anyone who needs thier help. It's worth the money,, believe me
Michael, I live in Connecticut. I am a senior, 64, just lost my job of 30+ years. Now collecting unemployment until Feb 2019 ($185/wk). Also now on SS benefits ($1100/mo.) - No other income, just a $550 slow moving mutual fund. Have 8+ creditors in collections, but 2 that worry me are Capital 1 (about $8k) & Discover ($7.5k).They refuse small payments, but others will take them. I fear they will slip judgements under me in time, not sure how soon though (if they do). The only other thing is the house that I live in (15+ years) is owned (per deed) by my sister (as 9/10th owner) and me as 1/10th owner, as "TENANTS IN COMMON" which an attorney suggested 14 years ago to avoid probate issues if one of us passes on. She is in another state. There is a $193,000 mortgage still (in my name only since 2003) which was recently modified (was $950/mo., they approved the mod. and its down to $800/mo.).Appraisal made by a realtor friend this month was set at $235,000 as it needs work. That leaves about $42k actual equity left. My concern is can either creditor still garnish my bank accounts, or even go next for the home I reside in here in this state..? I read that CT. has set $75,000 as the state exemption value so would this 100% benefit me in my case above? I'm applying for energy assistance (oil, electric, water etc.) soon and perhaps even a food stamp allowance. I can't afford a lawyer at this stage at $1800 minumum retainer, if I even need one. But if I do, would one even take any creditor suit as pro-bono to get me to avoid a judgement or lien? I surely would hope so. Aren't seniors over 60 exempt moreso than younger folks from any of these actions? I really would hope so to at least some extent? This is depressing me to the max as I am alone here. Thank you for any advice given for my situation.
Thanks Michael. Would have considered that this year that but President Bush apparently back in 2005 or 06 extended the filing time gap to 8 years from 6 years prior to that to file chapter 7 when one had a previous recent bankruptcy. I filed in 2012 and it was discharged in 2013, so it comes out to 5 years since I got the discharge (or 6 yrs now in 2019). Wouldn't 'HELPS' be the best option for me (until 2021) to avoid these persistant creditor / collection folks from trying to contact me or attempt to sue ? I'm thinking they could help me a senior as I am 64 soon.
Thanks Michael. I've been following you/subscribed for a while and really appreciate your videos. Thanks also to you and Eric for touching on the guilt aspect, or moral responsibility because it took an attorney to tell me for my situation I have to use my limited income to take care of myself and not worry about my creditors. As a newly minted senior (turned 65 last week), I was terrified my creditors could garnish or levy my SS checks. I got laid-off last year, and had been in the process of re-establishing credit following a chapter 7 a few years ago and planned to pay down my debt by next year and retire at my full retirement age. Couldn't find a job and out of necessity filed early for my SS benefits. I felt a great deal of shame and guilt about not being able to pay my debts, don't make enough for credit counseling to work (per a service I contacted), went to the attorney and he told me a judge wouldn't allow a chapter 13 because again, I don't get enough from SS to qualify and it's more important to understand I've got to take care of my necessities. I've gotten orig creditors to stop calling and am now waiting for next couple of months to unfold as next month I'll have charge-offs and then the debt collectors/buyers/attorney's will start and back to explaining not to call and my income is protected. Your videos have helped me so much to deal with my financial situation. Thanks again.
I am not sure what you mean by free pass. Every age demographic suffers with debt and deals with debt collection. There is no free pass from collection efforts, being sued, stress, credit damage. There are exempt sources of income. SSDI is not a senior thing. People in their twenties are on SSDI.
We worked all of our life for them! some of us still have to work as well, to make ends meet. Don't forget, when your are an older senior citizen, a lot of us are unable to work. So, yes, it is fair. I hope you remember saying this when you become a senior & are unable to work & some smart a-- kid makes this remark to you!
I’ve been working since I was 8 years of age, never asking a dime from the government, never assistance from family, helping my son through college so don’t start with your poor me mentally. Believe me credit card companies have gotten their fair share of interest by the time you can’t afford to pay from responsible elderly person. You need to remember we didn’t have the high salaries you young people are accustomed to getting too.
I am 60 years old I have a disability but have not been approved for Social Security disability as of yet. I have not had an income for over eight months being sued by capital one two times in the state of Florida. I have no checking account as that is what I was living on. What are my options what is the name of your organization I’m needing help on dealing with capital one and my situation.They would not work with me at all. Being sued in orange county Florida I have no assets I have no house I have no bank account it was just recently closed for insufficient fun’s.
Michael Bovee Right now they have two suits both capital one totaling $5400. I cannot pay them I am basically judgment proof but still I’ve never had anything like this happened to me before
You may want to consider chapter 7 bankruptcy. It would stop the lawsuits in their tracks, and knock out any other unsecured debts too. That way you can move forward without having to worry about these things. That being said, if you not collectable, there is little judgment creditors can do to get money out of you.
When it comes to money in bank accounts and debt judgments, one can always close out the account and keep the money at home as some debt collectors don't care what the law says.
There are good people in the world.
I love the information given on here, very informative, they try to make us believe that we have no protection anywhere, Thanks for keeping people aware
glad to be the first to like this. Thanks so much to both of you for being there.
Wish more people were like you guys.
tikiduck I know I agree bless their hearts.
I am scared sick. I just went to check my bank to make my bills and it was negative. It was garnished from a car repossessed over twelve years ago. Over five years or more ago I was sued for the money because I was not able to maintain a payment plan with the lawyer who had this debt originally from a bank loan for a car. I am living on social security barely surviving on that currently unable to see cardiologists due to copay for insurance and this is soooo scary. Its the weekend and I hear they are not suppose to touch your social security disability money but ybey have so now what? I am so frightened I do need medicine have electric bill and car payment Im just crying and a hot mess. If I could work as a nurse again that I went six years of college for and paid off that student loan debt paid off threr other car loans holy god I would pay if I was able but Living now due to food pantries and church meals this is super frightening. Whats a person to do I will be on the street.....
Call your bank on Monday. If the money in your bank account is from an exempt source, and does not exceed the protection limits, you can get that money returned to you.
You may want to talk to an experienced debt collection defense attorney in your state to discuss more options.
great video, just in time for me to help my disabled mother who is in this situation! thank you!
Thank you very much. Married couple 75 years old, married 53 years. God Bless.👍👍👍
thank you I got good information I had credit and fraud few years ago. I was late on few payment
These people are honest! I called and talked to them. I don’t care if collectors call me and they told me I didn’t need them then. I may join to help others out
@@olivertaylor8788 YES, i've been a client of HELPS for a year and 1/2. They are wonderful!
So My mom has 4 Credit cards IN NY totaling 400 minimum a month payment. I was paying 1 of them at 80 and it recently dropped off 0% and doubled. I tried talking to the CC company and they offered no help lowering interest. hardship program wasn't helpful. I contacted CC counseling and they offer to consolidate all 4 cards at 10 more per month but pay off in less than 5 years. The amount needs to go down not the length to pay off. I have no choice but to stop paying the big CC. All she gets is SS. She lives with me and shes on the mortgage in case something happens to me. I cant afford to help her pay CC debt anymore. Any suggestion
Check out this article and tell me which option you are inclined toward: consumerrecoverynetwork.com/debt-solutions-review/
thanks for the video, today December 5 2016.
I was in court for a debt that appear after 2 years, the judge told me that I have to pay, and that they will send me the documents by mail.
I'm disable and receive SSI, I can't pay because I don't have money left to save or bye my wife and two daughters something for Christmas.
I'm only 51 but have a bunch of Heath issues.
please give me some good news, do I have to pay even if the judge said it?
thanks and God bless.
Willie
The judge is likely referring to owing the debt generally, and not speaking to your exemptions consistent with your income, or lack thereof.
The judge cannot change whether your sources of income are exempt or not.
@@MichaelBovee so do I have to pay the courts or not. For a fine. ??
These guys are a God send. Thank u
Thank you so much for such informative information.
Thanks for this information!!
I lost my business at the tail end of the Great Recession and am now dealing with debt collectors and threats to be sued by purchasers of bad credit card debt less than $5 k each debt defaulted on. I have no income and cannot work due to continual failing health. Can they take possession of my house hold items after a suit is won?
Each state has exemption thresholds for household goods. What state are you in?
Most collectors just want cash, and not our stuff. I rarely see them try to collect outside of wage garnishment, bank levy, or property lien.
Who are the creditors at issue?
Well known fact that no disability is garnishable. Why the hype about this monrhly fee crap?
@@m.gibbsgibbscreditpatchupc3737 I generally stay away from credit repair scams.
I'm signed up with them. They are great. Very helpful
Great info!👍
H.E.L.P.S. You are angels. I was beginning to lose hope that there was even anyone to talk to about these matters or even gave a s..... without paying enormous lawyers' fees. I will be calling soon and will be glad to contribute to your organization. Just hope you're still there!
The key is being judgement-proof. Assets that are vulnerable to creditors are home equity beyond exemption amount and EARNED INCOME above garnishment cutoff of $217.50 net per week, even if other retirement income is protected. We exist. For us, bankruptcy may or may not be a solution, for a variety of reasons. If we really need the money and have the ability and opportunity to earn more than $217.50 net per week, keeping earned income below the garnishment threshold is not an answer.
As an attorney for over 40 years and having filed over 40,000 bankruptcies it is not the practice of consumer judgment creditors to go after a person's home even if there is equity over the state exemption- just doesn't happen. Many states protect income over the federal minimum of $217.50 per week.
Nobody listed, nor took notes, when President Bush addressed " COVID " in a " State of Union Address "
U two rock 😎
How can you prevent a creditor from placing a judgement and freeze your bank account if you get SSDI? I know it can't be garnished, but I read they can put a freeze on your account to intentionally cause fear and hardship and it's legal.
You typically only see that when there are comingled funds in with your exempt funds these days.
Use a Walmart money card
Put money into a safety deposit box totally untraceable
@@eugeneallison717 ,,76**5 523
thank you
Thank you, great info
Thank you, very informative
what do they consider senior age????
Reach out to Eric's firm in the video. His number is 855-435-7787.
I'm a new subscriber, I am on disability benefits I'm 57 I dream to go back to work some day, if I get better , I got sued buy a debt collector and only have a few days left to answer the summon , my question is does it affect my credit score or does it show on my credit a default judgment ? I'm just curious, thanks so much for all your wonderful videos and valuable information
Most judgments no longer appear on our credit, so likely no additional pain in that way, but the underlying negative to have already not paid on something long enough to be sued should already be causing a lower credit score.
@@MichaelBovee thank you so much , you are so nice answering to my request, God bless you
I was a victim of hurricane Irma, I lost my home and my car and everything that I had and Marathon Florida I responded to a Craigslist ad for a gentleman who had a sailboat for sale. He took $1,400 of my money and refused to sign the title over I took him to court suit him and one but he is a senior citizen and his judgement proof and he is also a career criminal and a scam artist his name is Thomas Irving Davis jr. Of West Palm Beach Florida you can Google his name and you can look in the Palm Beach County Clerk of Courts website to see his laundry list of offenses and because he's judgment-proof and because of lawyers like this he will continue to screw people over
Your thief abused a legitimate help. More than once.
Never hand over money without the title. Somebody tried that with me once, for a car. He was a foreign student and just didn't know any better, but he got no money from me until I got the title.
Yes thank you so much for helping the seniors, these other people want to help illegal immigrants and feed them but not seniors that worked all their lives in America..
You guys are good without a doubt but one of you said something about seniors not needing a credit card but what do you do if something goes wrong with your essential needs such as your car heat pump refrigerator
I’m sure this attorney is honest but I know he is going to charge a lot for his service
Why can’t Ido everything he does
I am curious about this too. My understanding was this - you close any accounts with the relationship that you cannot pay back. Say if, you have a credit card with BofA and a checking account - you cannot pay the BofA credit card. You need to close the bank/checking account. You can pick and choose the necessary credit card to keep. Please correct me if I'm wrong. I am looking into this again due to a new financial/health hardship - I was 40.00 per month. Much less than the minimum due on the account that I want to stop paying.
That is correct and was exactly what I did.
Can they seize/garnish military retirement pension?
Not from the source. Once mingled with nonexempt funds in your bank account, with a court judgment, there is that risk.
Michael Bovee the only income I get is my military retirement and my VA disability which both of them goes yo my saving accouny
Both Army retirement and Veterans Pension are exempt from garnishment for the collection of commercial debts.
See attached proof of this from URL for the Army retirement pay: www.dfas.mil/garnishment/civgarnishment/enforce.html
But is says exactly at this URL, “Military retired pay is exempt from garnishment for anything other than child support, spousal support, or a property division under the Uniformed Services Former Spouses' Protection Act. It is exempt from garnishment for the collection of commercial debts.”
See attached proof of this from URL for the Veterans Pension pay: www.va.gov/OCA/testimony/hvac/5AG98AGC.asp
But is says exactly at this URL, “Federal statutes generally prohibit the garnishment of VA benefits to satisfy debts owed to private individuals. The sole exception is that VA disability compensation received in lieu of waived military retired pay can be garnished in order to satisfy court-ordered child support and alimony obligations.”
My brother has debt. His income is SS only. How can I stop the debt collectors from harassing me?
I would talk to an experienced debt collection consumer law attorney in your state about this. If the calls are harassing, many will take your case at no cost to you, and go after the collection agency on their own dime.
You can also file a complaint of harassment against the collection company with the CFPB. More on that here: consumerrecoverynetwork.com/filing-complaints-with-the-cfpb/
Attorneys now are buying your debts from collection agencies then you start getting nasty letters and phone calls threatening suit. How long can a collection agency show a bill? This one was 12 years old.
There is a 7 year shelf life on most negative credit reporting: consumerrecoverynetwork.com/question/collection-accounts-age-off-credit-reports/
Im on disability and got my newly opened savings account that I was using to put my stop smoking money in...anyway, it was only open 2 wks and the bank froze that but not my checking for my SSD. At times I do get other moneies, but never more then one months worth of SSD and not that often, am I to understand as long as my running balance is less then 2 time my social security, I'm OK?
They froze my savings on a old unknown by me judgement from 13 yrs ago... The savings account was only open for 2 wks..they only froze the $66 that was in there, I was making a daily few dollars deposit from my checking...needless to say, the stress of this, has not been good for my not smoking resolution...lolll
Money from a non exempt source can be at risk.
Money from an exempt source, such as social security disability, you should try to keep below 2 months of total balance.
Erick is so wonderful
He charges $40 a month for a low-income person that's very pricey when you add it up times 12 that's a lot of money for someone who doesn't have any money to pay their own bills and doctor bills never mind collections
Not true! HELPS is a 501 c charity. One out of four of our clients receive our assistance at no charge, No person that needs the help we provide is ever turned away. We have a sliding scale that is suggested for fees, but that is adjustable. It is all laid our clearly in our website www.helpsishere.org Eric Olsen Executive Director HELPS Nonprofit Law firm
That’s not true they will work to help u just talk to them bout your situation
At what age are you considered a senior?
That is commonly 55.
65 in the United States.
60yr
@@johntracy72 Don't forget that you can get Social Security at 62. That's when I started getting it, so 62.
I’m on disability and have several old credit cards in collections. I only get around 600 a month. Can they sue me and can I go to jail if I don’t pay? I let them talk me into monthly payments now I don’t have any money to live on
You can still be sued, but your disability income is protected.
You will not be arrested for unpaid debt, but always pay attention to court notices if you eventually are sued. If the court compels you to do something, like appear for a debtors examination, and you ignore it, that could lead to something like what you are concerned with.
@@MichaelBovee does this also apply to social security??
Will the put you in jail for not able to pay I read the will put you in jail until you could pay in full
Not in the Unites States.
I read that if the do a deabator examination and you don't have money they lock you up until you paid in full
I am aware of court ordered asset examination that someone does not show for where a bench warrant has been issued that can lead to arrest on the failure to appear, but not for the debt.
Thank you very much for your info , I have a friend that miss his asset examanatin can he don't work so he is afraid of being in custody ,do you have any idea how long they will jail him for? So I could help him out with the right information.
They guy is freaking out he will be jail until he could pay I full
Ive had bank accounts only containing social security, ive asked the bank managers and they say they will hand over money to a collector if they get a judgment no matter were the money comes from. 4 banks told me that ,so i only use the directexpress card and not have a bank account.
You could run your question by an experienced debt collection consumer law attorney in your state, or contact your state attorney generals office with this question too.
As the video states twice the amount of SS or federal benefits received each month is protected automatically under federal banking regulations NO MATTER THE ACTUAL SOURCE OF FUNDS in a bank account at the time of garnishment. This is handled by a different department in the bank and in my experience bank mangers as a rule know nothing, nada, zip about this rule. Eric Olsen Executive Director HELPS Nonprofit Law Firm
I have lost sleep over this. Thanx
You're welcome 😊
Are pensions protected from Parent Plus Loans?
Pensions could be protected at the source, but the distribution landing in your bank account could be an issue depending on your state.
I would talk to an experienced debt collection consumer law attorney in your state about this.
What do we do with a company who is threatening to attach our home for treatments my wife never received?
I would talk things over with an experienced debt collection consumer law attorney in your state.
States have exemption laws that protect a certain amount of equity in a home from collectors, However, even if a person has equity in a home in excess of that state's homestead exemption it is not the practice of unsecured judgment creditors to go after a persons home. I believe this video from HELPS RUclips page will explain this in more detail Eric Olsen Executive Director HELPS Nonprofit Law Firm
ruclips.net/video/c8KORUeOSDU/видео.html
What about being a cosigner?
A cosigner is typically equally on the hook for the debt.
Is there a specific question you have about your situation?
If u are making a car payment can u be forced to sell it an pay debt
I cannot recall where I have seen someone forced to sell something they do not own.
If you have a car loan it means someone else owns the car until you pay it off.
Thanks Michael I thought so but the way things are today never no.
Thanks for bringing this up. You guys help seniors ease their minds
Good man but what about new debt?
Can you provide more details for your question?
Michael Bovee What’s to describe new debt? Means I just had to stop paying my cc bills as I became disabled. And am senior. I feel terrible but I have no money.
I am sorry, but I do still do not understand the question.
If you have unpaid bills and collection accounts, but are otherwise uncollectable, there may be no path for creditors and collection law firms to effectively force you to pay, even if they have a judgment against you.
Michael Bovee I meant I just stopped literally a month or so ago when I couldn’t buy food. That is new debt not old. I was gifted a car worth $30,000 from a man I took care of for 10 years he just gave it to me a couple years ago..Can that be taken? It’s paid for. It’s all I have.
What state are you in?
Though this is a good organization they charge you $41 or $45 a month to send letters to your debt collectors telling them that you’re on disability. I can do that myself. Another thing they don’t help someone who is waiting for disability and has no income or no assets.
Well, this is a business. They cant help people for free. I am just grateful there is help. At age 68, I didnt even have hope.
Well jean maybe u should open up your own business. Lots of seniors aren’t aware of the law on this matter
Sure, Jean...you could do that yourself, but A) by virtue of the fact that you're not a licensed attorney, how much weight will your photocopied letter have to a creditor/collector? B) As a new client in early '21 of HELPS, I now know that, as a non-profit, they can actually do their work for free, but inasmuch as they're saving me hundreds of dollars a month in credit debt, $30 a month is more than a fair cost for me.
They charge 40.00 a month and a year later it's dropped to 20. I've been a client for a year and 1/2 and I'm so happy I was referred to HELPS because I didn't know where to turn. Initially I contacted a debt consolidation company to consolidate all my bills and make one payment, which is a big mistake from what I was told. IT WAS the debt consolidation company who gave me the phone number for helps,, which THEY NEVER DO, well most of them don't. I am greatful this Company was honest with me and told me I was Judgment Proof and to contact HELPS. I love helps and I will refer anyone who needs thier help. It's worth the money,, believe me
Michael, I live in Connecticut. I am a senior, 64, just lost my job of 30+ years. Now collecting unemployment until Feb 2019 ($185/wk). Also now on SS benefits ($1100/mo.) - No other income, just a $550 slow moving mutual fund. Have 8+ creditors in collections, but 2 that worry me are Capital 1 (about $8k) & Discover ($7.5k).They refuse small payments, but others will take them. I fear they will slip judgements under me in time, not sure how soon though (if they do).
The only other thing is the house that I live in (15+ years) is owned (per deed) by my sister (as 9/10th owner) and me as 1/10th owner, as "TENANTS IN COMMON" which an attorney suggested 14 years ago to avoid probate issues if one of us passes on. She is in another state. There is a $193,000 mortgage still (in my name only since 2003) which was recently modified (was $950/mo., they approved the mod. and its down to $800/mo.).Appraisal made by a realtor friend this month was set at $235,000 as it needs work. That leaves about $42k actual equity left.
My concern is can either creditor still garnish my bank accounts, or even go next for the home I reside in here in this state..? I read that CT. has set $75,000 as the state exemption value so would this 100% benefit me in my case above? I'm applying for energy assistance (oil, electric, water etc.) soon and perhaps even a food stamp allowance. I can't afford a lawyer at this stage at $1800 minumum retainer, if I even need one. But if I do, would one even take any creditor suit as pro-bono to get me to avoid a judgement or lien? I surely would hope so. Aren't seniors over 60 exempt moreso than younger folks from any of these actions? I really would hope so to at least some extent? This is depressing me to the max as I am alone here. Thank you for any advice given for my situation.
Given the situation I would talk to an experienced chapter 7 bankruptcy attorney in your area. That would take care of all the debts for under 2k.
Thanks Michael. Would have considered that this year that but President Bush apparently back in 2005 or 06 extended the filing time gap to 8 years from 6 years prior to that to file chapter 7 when one had a previous recent bankruptcy. I filed in 2012 and it was discharged in 2013, so it comes out to 5 years since I got the discharge (or 6 yrs now in 2019). Wouldn't 'HELPS' be the best option for me (until 2021) to avoid these persistant creditor / collection folks from trying to contact me or attempt to sue ? I'm thinking they could help me a senior as I am 64 soon.
They are a good option now or any time.
Thanks Michael. I've been following you/subscribed for a while and really appreciate your videos. Thanks also to you and Eric for touching on the guilt aspect, or moral responsibility because it took an attorney to tell me for my situation I have to use my limited income to take care of myself and not worry about my creditors. As a newly minted senior (turned 65 last week), I was terrified my creditors could garnish or levy my SS checks. I got laid-off last year, and had been in the process of re-establishing credit following a chapter 7 a few years ago and planned to pay down my debt by next year and retire at my full retirement age. Couldn't find a job and out of necessity filed early for my SS benefits. I felt a great deal of shame and guilt about not being able to pay my debts, don't make enough for credit counseling to work (per a service I contacted), went to the attorney and he told me a judge wouldn't allow a chapter 13 because again, I don't get enough from SS to qualify and it's more important to understand I've got to take care of my necessities. I've gotten orig creditors to stop calling and am now waiting for next couple of months to unfold as next month I'll have charge-offs and then the debt collectors/buyers/attorney's will start and back to explaining not to call and my income is protected.
Your videos have helped me so much to deal with my financial situation. Thanks again.
Thanks! You might enjoy this article from earlier this year: consumerrecoverynetwork.com/question/ethics-paying-less-than-you-owe/
So seniors get a free pass while younger people are out working to make those monthly social security payments for seniors. Not exactly fair, is it?
I am not sure what you mean by free pass. Every age demographic suffers with debt and deals with debt collection. There is no free pass from collection efforts, being sued, stress, credit damage.
There are exempt sources of income. SSDI is not a senior thing. People in their twenties are on SSDI.
We worked all of our life for them! some of us still have to work as well, to make ends meet. Don't forget, when your are an older senior citizen, a lot of us are unable to work. So, yes, it is fair. I hope you remember saying this when you become a senior & are unable to work & some smart a-- kid makes this remark to you!
I’ve been working since I was 8 years of age, never asking a dime from the government, never assistance from family, helping my son through college so don’t start with your poor me mentally. Believe me credit card companies have gotten their fair share of interest by the time you can’t afford to pay from responsible elderly person. You need to remember we didn’t have the high salaries you young people are accustomed to getting too.
Just got a summoms today im 65 can you help
What is your goal to resolve it?
I am 60 years old I have a disability but have not been approved for Social Security disability as of yet. I have not had an income for over eight months being sued by capital one two times in the state of Florida. I have no checking account as that is what I was living on. What are my options what is the name of your organization I’m needing help on dealing with capital one and my situation.They would not work with me at all. Being sued in orange county Florida I have no assets I have no house I have no bank account it was just recently closed for insufficient fun’s.
What is the total you are being sued for?
Are there other accounts that cannot be paid?
Michael Bovee Right now they have two suits both capital one totaling $5400. I cannot pay them I am basically judgment proof but still I’ve never had anything like this happened to me before
Michael Bovee And yes I have other accounts that cannot be paid.
You may want to consider chapter 7 bankruptcy. It would stop the lawsuits in their tracks, and knock out any other unsecured debts too. That way you can move forward without having to worry about these things.
That being said, if you not collectable, there is little judgment creditors can do to get money out of you.
What if you are already in chapter 7