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Posted by Kevin
(208.8.57.2) on March 03, 2003 at 13:57:04:
I would like your opinion. I live in TX. Between me and my wife we have roughly 60K in CC debt. We have a house and 2 cars paying on. Have reached a point where we can no longer continue to pay the CC debt and survive. All of the CC are listed to one or the other. We have no CC that we are both on. I have a couple of options. One let the CC get a judgement against us or file for BK. If I let my CC go and continue to pay on hers how will that affect us. I know it will eventually get a judgement against me but what would it do to her credit? Another option is let them all go and run the risk of judgements against both of us. Once that is done I would then be able to go back to them and settle at a later date. Keep one CC current for each of us and let the others get a judgement against us. It would affect both of our credit but what would happen with the cards we each kept current. I don't want to file for BK because unfortunately I need a CC for business. If I maintain certain cards and let the others go would that affect the ones we keep current. Also if/when we get served papers what it the difference between going to court and getting a judgement against and just not going and getting a default judgement. My understanding is that if they get a judgement against they can put a lien on the house which would affect selling or refinancing but in the short term what would it do. In TX I don't believe they can garnish my wages and our bank accounts have nothing at this point anyway. Interested in your thoughts. Kevin
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