I owe 60k to 5 credit card companies. I’m unemployed with no prospects.I rent,I own nothing except a 2008 pickup paid for.Can anyone take my truck?

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I owe 60k to 5 credit card companies. I’m unemployed with no prospects.I rent,I own nothing except a 2008 pickup paid for.Can anyone take my truck?

Asked on May 11, 2009 under Bankruptcy Law, North Carolina

Answers:

MD, Member, California Bar / FreeAdvice Contributing Attorney

Answered 12 years ago | Contributor

1. What do you mean by no prospects? Did you apply everywhere? I mean everywhere? Fast food, grocery stores? Are you disabled? I ask these questions because if you are not fully disabled and can work, a creditor is going to expect you to live up to your end of the agreement and find a job, any job, to pay back what you owe.

2. In terms of your situation, you may wind up (if any company decides to do so) have a lien placed on your car or attachment to a judgment and taken from you.  Just like any company can attach to your bank account or your social security number and wind up collecting whenever you make any money.  

3. Your best bet: try calling legal aid in your area and see if there are credit counseling services available to you who can help you locate a job and negotiate out these debts.  These credit counseling services are the free ones, non-profit.


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