Expert: Apex Credit Services, LLC - 1/1/2008

Question
QUESTION: My wife and I are being sued be Capitol One over credit card debt due to my wife and I losing boyh of our well paying jobs.Well I was served papers today and now I am at a loss for what to do and how to go about trying to fix this. My wife has just started a new job one week ago. we have been living paycheck to paycheck since 2005 and have borrowed from family and friends to keep our house. I drive a 18 yr old truck and we owe on her car and only now thought things were looking up. I am worried about them taking my bank account. SHOULD I GET WHAT LITTLE IS IN THERE OUT OR WHAT! I just want to try and not lose everything as i have a learning disabled son and also a daughter both minors. Can this company go after the savings accounts of  my children .

ANSWER: Brian:

   Unfortunately, your options are somewhat limited.  First, yes, I would suggest taking the money out of your banking accounts.  This would apply to all family members although I would be reticent to say that Capital One could levy your childrens accounts.  Still, they may attempt to do so.

    Secondly, you will need to make an appearance in order to avoid default judgment.  This means that you need to file an Answer or a dispositive motion in regard to Capital One's Complaint.  Otherwise, they will reduce the matter to judgment and begin garnishment proceedings and potentially, attaching title to your wife's vehicle.

    You may wish to contact their counsel and see if arrangements can be made to avoid this.

         Apex Credit Services, LLC

---------- FOLLOW-UP ----------

QUESTION: Can they attach my home which is homesteaded and my wifes truck which is financed. I have been told that I should not fight this as it will make things worse,I tried to make payment arrangements but thew wanted half of my check every two weeks and we basically live paycheck to paycheck ,if they dont want to work with me what do i do. The person i spoke with talked very badly to me and told me to basically go kill myself as my kids would be better off without a bad parent such as myself.

Answer
Brian:

   They may or may not be able to place a lien against your home depending upon the laws of your jurisdiction.  Florida and a few others do not allow attachment.  They could place a lien against the title to your wife's vehicle but, they could not force a sale insofar as the note holder would take priority in most cases; particularly, this one.

    I would not suggest ingnoring the matter but, if you cannot afford to pay their minimum requirements there is really little to be done.

         Apex Credit Services, LLC