Legal Question in Credit and Debt Law in Florida

Debt Consolidation without Bankruptcy

Situation --- My father and Mother.. are now retired.. and living in South Florida area.. They ahve a Mortgage of about $80,000.00 on there home with a current valuse of $375,000.00 --- They also own there ONE vehicle free and clear of any liens, value $10,000.00 .. no other assets. They both receive Social Security..

I am 45 yrs. old. My parents tried to give me a hand financially, after discovering Major Medical issues. They have supported me currencet/ Cash Advances almost $55,000.00 amongst four creditors of theres.

As My parents and I agreed three years ago, the statements could be mailed to my rental/residence in the North Florida area ofr me to maintain the monthly minimums. The Interest rates now exceed 22%. and I can No longer afford the Monthly minimums do.

What am I to do.. My Parents Concerns...

1) Can there ''Social Security Wages'' be garnished. ? ''if'' these creditors decided to persue, and take the matters to court ?

2) Can my parents LOOSE there HOME, in South Florida, being that these four creditors are using my address for remittance, on any and all correspondence for payment as they have for the last four years, in behalf of my parents name.

3) Can there vehicle,that is free of liens be taken


Asked on 9/18/04, 11:19 am

2 Answers from Attorneys
Alexander M. Rosenfeld Rosenfeld & Stein, P.A.

Re: Debt Consolidation without Bankruptcy

You do not specify who owes the money and if it you, whether your parents signed any documents wherein the qagreed to be financially obligated for debts that are not theirs Without more information no meaningful reply can be provided.

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Answered on 9/18/04, 5:23 pm
Tonia Troutwine, Esquire - Troutwine Law Group. LLC

Re: Debt Consolidation without Bankruptcy

If the loans are in your parents name you should notify them immediately of the increased percentage rates and your inability to pay. The increased percentage rates alone may affect their credit rating if you are making payments late. It is better to involve them now than later when things could get worse.

If they owe the debt and are sued for collection then it may be possible for the collectors to garnish any income and assets they may have.

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Answered on 9/19/04, 11:09 pm


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