Legal Question in Credit and Debt Law in Texas

Credit card debt & CD in savings

We currently have several credit cards we have not been able to make payments on. My mother recently passed away and left us some money which is in a CD and will not mature for another year. My question: I know the credit card companies can put a judgement against property etc..but can they garnish the CD or our bank accounts? Can they take our home? If we make good faith payments of $10.00 per month would that help until we get on our feet again? My husband was laid off and we have struggled with the credit card payments. Thank you for any help.


Asked on 9/11/08, 10:27 am

1 Answer from Attorneys
James Grissom Law Office of James P. Grissom

Re: Credit card debt & CD in savings

The CC company can garnish the CD and your bank accounts and they have ways of finding out about this larder. Sometimes they use it and sometimes they don't. They could ask you written questions and if you don't tell the truth, that is perjury. However, they cannot seize your home, but they are not bound to accept your $10/mo. payment as any kind of satisfaction. Talk to a bankruptcy lawyer. Don't be concerned. Movie stars do it. Good Luck.

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Answered on 9/11/08, 10:45 am


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