Debt, repossession q's

Question

I've been in debt for a while, and only now Capital One decided to hire a lawyer to go after me. I'd like to know what they can do, I own nothing but an old, cheap car, and work cust service from home, though technically it's my own business where I make less than $500/month. Can they go into my bank account..? Is repossession only for tax issues? Thanks.

Answer 1

No one will do anything to you if you only make $500/month. I find that most people who answer on here either don't know what they are talking about or work for the banks. The first thing I need to help you is know what kind of credit you have with them and how much you owe them. They cannot repo your car unless it was used as collateral for the loan. A lot of credit companies have standard demand letters from lawyers they retain. Don't agree to pay anything and ask for all offers for settlement in writing.

Answer 2

Sammy I know a source for you to find all the answers you need and put your fears to rest.

Answer 3

Using the SE like google or yahoo to get some hints first if you want to obtain the massive information,if you do not want to spend too much time,here is a good resource for your reference about your questions.http://debt-relief.expertips4u.info/debt...

Answer 4

Sammy, it's time to really consider getting another part time job.  You need to increase your income and use the money from the part time job to pay off your debt.

Answer 5

They will get a judgement and garnish your wages and come get the collateral.

A judgement is worse than a bankruptcy and can not be removed by one, I suggest you either start bankruptcy today or call capital one and  try to negotiate a deal.

Yes a judge can garnish your bank account.

Answer 6

You need a real job that pays more money for your expenses. You cannot live on $500 per month ! You are ruining your credit and will regret it later.  

Answer 7

Yes, they can go after your bank account.  They could also go after the business.  Repossession is primarily for unpaid car loans, not for tax issues.