I have defaulted on my credit card debts. Can they garnish my wages?

Question

I have three credit cards unpaid. 12,000, 4,000 and 7000. I need my salary for essentials like food and rent. How will they try to collect?

Answer 1

You did it why shouldn't you have to pay for it.......Yep they will.......

Answer 2

First of all, for the amounts you have stated, they will no doubt use in house legal resources to obtain a wage garnishment.  

Depending upon where you live, you are either immune from wage garnishment, or they can take up to 24% of your weekly pay and seize any property you own, be it vehicles, property, bank accounts.

Check to see what your state law is concerning garnishment at the following site

http://www.bcsalliance.com/statute_of_li...

At the rate of 25% of your earnings, in order to pay off that much debt you will be in hock until retirement, don't forget they can charge interest on the debt.

If you can not pay it, best bet, see if you qualify for bankruptcy, if not, then get some credit counseling.

Hope this answer is of help to you

LEGAL DISCLAIMER:  The answer provided  is not intended as legal counsel.  It is for informational purposes only and is not intended to presume to be legal counsel.  

Answer 3

if u happen 2 b on ANY kind on fixed income, thet CANNOT touch U NOR can they get anything from u. just do the best u can & care 4 yer own needs 1'st. meanwhile, try 2 save as much as possible 4 repayment & pay what U CAN as yer able. HOWEVER U wanna repay w/i a reasonable amt of time.

Best Wishes!!!

Answer 4

First they'll take you to court and get a judgement against you, then yes they can garnish your wages.

Answer 5

Please check on creditboards.com they have a lot of useful info on

ccdebts, it depends on your state, most credit cards charge off debts

after 6 months and sell your debts to collection agencies for pennies

on the dollar. So hold off for a while, let them make the move, do not

call them ever. If you can survivie the 7 hyear statute of limitations

but if one of collection agencies tries to sue that 4k debt can turn into

a 75% payment so will the others. Garnishment of wages depends on

each state, the judge takes into consideration, how much you make,

lyour utilities, taxes, mortgage and the remaining is what they would

take I think they let you keep  between 70-80%. But also the

credit card companies get to charge off debts and take a loss in their

taxes. How about that?  We can't do that, can we?

Good luck!!!

Answer 6

For those amounts of money you can bet that they will sue you and be awarded a judgment at that point they can garnish your wages (if your State allows it), attach bank accounts and file liens on any other property you may own like cars, boats, land and homes.