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Collections Law/unsecured debt, New Jersey
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Question
I am retired and have a large amount of unsecured debt.
I live in an apartment in New Jersey. I get Social security and a State pension. I also have an annunity for #475 a month. My question is if I fall to far behind on my payments can any of my income be garnished? I am up to date on the new bankrupcy laws and would rather not go that route. I have an investment in a Roth IRA account that I feel will bail me out , but that will take a while for that to come to pass.
A creditor may not garnishee your retirement check or social security. However, if they file suit and obtain judgment they may attempt to attach your bank account. Unless you notify the courts that those funds or that account is exempt from GX they may attempt to do so. You have nothing to worry about at this time but if you receive notice of a suit being filed make sure you respond to the courts and make it known that your bank account holds only your retirement funds and is off limits. Once you make them aware of this any attempt to attach the account is a blatant violation of the federal exemptions.
At this point you appear to be safe from any serious action or attachment.
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Answers by Expert:
Michael Brotherton
Expertise
Consumer/Debtor Rights Advocate. Mike Brotherton is a negotiator with over 30 years experience in consumer lending and collections. Mike has 30 years in the credit and collections industry as a former loan officer, debt collector and manager of two finance companies over several years. Mike is well versed in Loss Mitigation practices and the legal collection process. He has helped literally thousands of people over many years overcome serious financial problems such as foreclosure, creditor lawsuits and abuse by debt collectors. For more information about resolving your "financial emergency" visit www.financialemergency.com. FinancialEmergency.com is a consumer web site which actively promotes Fair Debt Collection Practices and other consumer protection laws. We teach DEBTOR RIGHTS and enforcement of those rights. The more informed you are of your rights and the credit collections practices of creditors the more peace you can have dealing with your FINANCIAL EMERGENCY. Most financial problems are fairly common and as such have some very common solutions. The key is understanding your rights in the collection process and how to enforce them if need be. Primary business- Debtor Rights Advocacy and Debt Mitigation relating to foreclosure, creditor lawsuits, and other serious financial problems. www.financialemergency.com (copy and paste in browser).
Experience
Over 40 years combined experience negotiating disputes and resolving financial issues related to consumer debt, corporate issues and mortgage modifications.
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