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Old 11-23-2010, 03:43 PM
 
136 posts, read 446,955 times
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What is the worst thing they can do to you if you stop paying all your depts. you have a house paid for a car paid for an you stop paying 100 k in credit card dept. you are not worried about a job or health care. an you have a bunch of cash in a paint can.



I will say that all the taxes are paid to the IRS an you property
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Old 11-23-2010, 04:25 PM
 
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If you're in Florida you're good to go. Be sure the residence qualifies under Fl homestead exemption. If you have a pension check or other income source, open an out of state bank account. The pension will be exempt but once it gets into a comingled account they may be able to take it.
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Old 11-23-2010, 04:28 PM
 
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Your debtors can sue you and your house and car can be seized by the sheriff and sold at auction to pay off your debts.
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Old 11-23-2010, 04:32 PM
 
4 posts, read 8,579 times
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Quote:
Originally Posted by jimnor1713 View Post
What is the worst thing they can do to you if you stop paying all your depts. you have a house paid for a car paid for an you stop paying 100 k in credit card dept. you are not worried about a job or health care. an you have a bunch of cash in a paint can.



I will say that all the taxes are paid to the IRS an you property
"They" will come and take the house and car that YOU paid in full for. Careful.
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Old 11-23-2010, 04:39 PM
 
2,888 posts, read 5,852,064 times
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Originally Posted by MsKathie View Post
"They" will come and take the house and car that YOU paid in full for. Careful.
Not initially, they can't. They have to sue you for the money you owe, plus interest. If they win, then they might come after your other assets. In this economic realm, it will probably take them an awfully long time to take your house.

They will call you and every reference you used on loan applications until the cows come home. They will harrass you with letters. They will then try to settle with you. If that doesn't work, they might try to sue you - as noted above. Otherwise they will sell the dead note to other creditors and they will harrass you.

And they will ruin your credit.
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Old 11-23-2010, 05:11 PM
 
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and along with credit score going lower are obscene auto insurance prices, no one may rent to you if they use a reporting agency and you may not get hired for a job as well.
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Old 11-23-2010, 05:18 PM
 
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You pay property taxes to the IRS? I pay to the county.
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Old 11-23-2010, 06:10 PM
 
Location: north of Windsor, ON
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That paint can had better be full of $100s. Perhaps if the OP transfered the assets into his wife's name before he stopped paying his bills...might that work?
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Old 11-23-2010, 06:16 PM
 
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I'll tell you all, Florida has asset protection laws you can't believe. In a fair world they should get his house, but in Florida it ain't gonna happen.
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Old 11-23-2010, 09:32 PM
 
136 posts, read 446,955 times
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Quote:
Originally Posted by MsKathie View Post
"They" will come and take the house and car that YOU paid in full for. Careful.
I thought credit card was unsecerd debt. an your house you are living in would be exempt. (I could be wrong though)

Would they want my 1974 Datsun truck that has 300k an looks like it is on its last legs but runs like a champ an has 300k more miles left.
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