Being sued by bank where I got a signature loan?

Answers:5   |   LastUpdateAt:2012-09-15 23:21:05  

Asked at 2012-08-22 00:33:02
I served the papers today for a bank where I have a loan four years ago . I owe $ 10,000 and now I am being sued . I'm not working that's why I have not paid . The last time we paid was about 1 year . My question is this : My husband is the only one working , I did not get the loan together and we just bought a house last year too . The house is in his name . When I go to court for this, your income will be garnished, a lien will be placed in the house ? Is there any chance that the bank will reduce debt just so they can get some money ? I do not want to get a lawyer if I can fix this myself , but my husband says that I might have to declare bankruptcy cuz i have an outstanding debt of credit cards, $ 5,000 , and medical bills . I live in Texas , so I would appreciate any input anyone has to offer .
Answer1KadeAnswered at 2012-08-22 16:51:03
You are solely responsible for the debt ! You can not attach your wages or may place a lien on the house . MedlinePlus MedlinePlus No income , bankruptcy may be the way to resolve the situation !
Answer2rebel is heartbrokenAnswered at 2012-08-29 04:34:05
bank loan is safe or not safe? not sure if you can negotiate some sort of agreement . You have to contact them and explain what your offer is . If they agree , get it in writing! if the loan is secured , then surely a lien on your home . judgment also garnish your wages . No bankruptcy for as little debt . You can solve this , unfortunately , that should have faced this as soon as they knew they could not do payments.if small amt you have some cash to make your offer. medical bills can also be negotiated . do it before it goes to the collection. Collection agencies are ruthlees and heartless .
Answer3ZaraAnswered at 2012-09-04 06:23:02
Looks like it's time to get out of Dodge ....
Answer4Matty F.Answered at 2012-09-06 11:47:06
Echo is right on target again! MedlinePlus MedlinePlus Texas is a community property state . I'm not up on how the effects of the judgments , but I know it can really throw a monkey wrench in your court case . You need to consult a lawyer in this case . MedlinePlus MedlinePlus Not sure about eco bankruptcy advice is good . I think that household income is used to calculate whether you qualify for Chapter 7 or not , so can not qualify for a BK . The key here is income husbands . MedlinePlus MedlinePlus Again , I'm not up on the laws of Texas , but I remember that you can not garnish wages in Texas . So to protect their income from any claims . But if they win a judgment ( it sounds as if you will) that dog can continue for many, many years. MedlinePlus MedlinePlus Good luck
Answer5SheritaAnswered at 2012-09-15 23:21:05
If you are husband and wife. Your debt is the debt , your home is your home , your income is income. MedlinePlus MedlinePlus Get the picture. Your wages will be garnished and that leads to the house . You can solve this by yourself by paying the debt you owe. MedlinePlus MedlinePlus In what world can you get a loan and repayment of the money . It is immoral and wrong . Just wait until the judge reaches you two .
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