Expert: David - 5/31/2009

Question
Hello David,
I'm not sure why you didn't respond to my last question!!!
I need help! I made the decision not to pay my creditors (per your suggestion)...Because i can't file bankruptcy since I already did in 2004...I'm certainly not a dead beat...but I just can win! Can they take my mobile home from me..can they take my wages?...Isn't there any place a guy like me can go..for some help????I already did the monthly payments to a debt solutions  organization..but the payment kept changing all the time....Maybe I'm not giving enough info here...but...any...help...at all or suggestion, would be welcomed....you suggested that I not pay my creditors...and save my cash...and negotiate with each one as I can....how do I know when that time is right...in court?  on the phone??
Please..if you can advise, please do so...and if you can't please do so as well!

Answer
Hi George,

You have a lot of questions here...hopefully this covers most of them.

Creditors can only take from you anything you used as collateral for the loan...car=carloan, mobile home=mortgage...

Creditors can garnish wages and bank accounts after they obtain a judgement.

If you have multiple loans/debts with a credit union you should know that credit union accounts are cross collateralized.

The time is right to negotiate when the terms you can get fit your budget.  That is why I recommend you squirrel everything away until they will take a lump sum settlement.  Many times you can get it for 40% of the debt.  

I'm not sure where else you can go other than your local municipal sources and maybe catholic charities.

Dave
www.financialscoringsolutions.com