Legal Question in Credit and Debt Law in California

I am ill, lost my teaching job and my business. I, am also ill and on a walker. , I have about $33,000 in credit card the major portion of which has been charged off. I have contacted a consulting agency about debt consolidation and they indicated that the best that could be done would still require that I pay $697 a month. My monthly income from retirement totals less than $2,000.00, but after rent etc. I have about $199.00 left, so I cant pay $697 for they estimate would be the next 5 years. Now, my questions: 1. Can the dompanies attach my retirment monies? 2. Since I am the Co-Trustee on a Trust to which I am one of the h eirs, can they attach that Trust or put a lien on it. Neither the trust nor the retirement monies were given as collateral for the credit cards.

Any help you can give would be appreciated.

Elizabeth Kearney


Asked on 12/02/09, 5:25 pm

1 Answer from Attorneys
Melvin C. Belli The Belli Law Firm

This is an area we practice in and based on what you told us I'd find a better debt consolidator because the deal they offered you sinks. You should be settling for 25% or less given your circumstances. Again you could file bankruptcy and maybe wipe out a much larger portion and that is what a good debt settlement company or rather a good attorney would tell them to get them to take less. Whoever you used, I'd call someone else because that offer is not realistic. If the credit card companies sue you don't let them get a judgment because it will be harder to deal with them.

They should not be able to attach your retirement and depending on how the trust is written they may or may not be able to get to the assets in the trust.

If you need more help give me a call and I will discuss your situation for free. Our number is (866) 981-1850.

Good luck and hope this helps and please either call me or someone else today.

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Answered on 12/07/09, 6:07 pm


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