What to do if 7 years ago, I foolishly signed a loan for my son to buy a boat but it was repossessed and sold at auction?

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What to do if 7 years ago, I foolishly signed a loan for my son to buy a boat but it was repossessed and sold at auction?

I now have a $65K loan with a collection agency. I am 68 years old and have absolutely no assets at this point, not even a car. I do have credit cards which are being paid. I only have social security of $1350 month; I live with my daughter.

Asked on September 27, 2013 under Bankruptcy Law, Texas

Answers:

Terence Fenelon / Law Offices of Terence Fenelon

Answered 7 years ago | Contributor

You could consider filing bankruptcy or do nothing.  If you have no assets and are living on a fixed income (social security , for example) your income is exempt from creditor attempts to collect.  They may harass you and require court appearance occasionally, but you are basically " Judgment proof."  Do NOY have checks automatically deposited in a bank account which may be attached.  Get a check mailed to you, cash it, and go on a cash economy.  Good luck.

If you want to avoid the mental stress, speak to a bankruptcy lawyer.

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 7 years ago | Contributor

Based upon what you have written about I suggest that you contact a local bankruptcy attorney to discuss what your legal options are with respect to the possible collection action that may be implemented against you by the debt collection company.


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