Legal Question in Credit and Debt Law in Texas

What to do now?

I reveived notice of a suit from a cc. On the paperwork they have noted that we own a homw. We are still making payments on it. We are retired and get social security and my husband helps the school out some, so we are on a very limited income. I called the attorney handling the debt and they said we could pay $200.00 per month(bi-weekly) and $2000.00 dow (my daughter is borrowing this from her 401K). They took the debt from $27K to 18k. The problem is I will be paying on this til 2012 and the payments go up to $300.00 per month after 6 months. I'm not sure we can maintain payments if something happens to us medically since we are stretched now as far as possible. What can they do to us if the get the judgement and is there any wa to make them work with us a little more? They sent paperwork to sign, but we have not done that yet. I don't want to committ to something that I can't do. Since we have mostly Social security going in the checking account can the touch it and can they make us sell the house? We are renting an apartment right now. My deaughter is working on the house as she can and we were thinking of moving back in with her after she has finished. The homs is needing quite a few repairs. Any advise?


Asked on 10/19/06, 11:20 am

1 Answer from Attorneys
Sharon Campbell Sharon K. Campbell

Re: What to do now?

There are many exemptions in the state of Texas for debtors. Homesteads are exempt. Social security benefits are exempt.If you don't have any assets, there is nothing for them to get. I would not worry about paying them.

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Answered on 10/24/06, 8:15 pm


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