If you are self employed you may not have a wage to garnish if you are a sole proprietorship. But if you are incorporated and you pay yourself wages from the corporation, then yes, they can have that wage garnished. You can ignore the calls, but after a certain amount of time the collector will sue you in court to collect the debt. How much time they wait varies greatly. They could do it within a year, they may wait five years, it's at their whim. But once they are tired of calling you, they sue. And if you don't show up in court to defend yourself, they win by default and they have a legal claim to your money. They can take the judges order to the sherrif with jurisdiction, go to your bank, and take the money. The bank is legally obligated to comply, in most areas the sherrif will arrest bank employees who do not comply with the order. As long as you owe the debt, it will continue showing up on your credit report. That's another reason to go to BK court. After ten years, it's gone from the credit report. However, it's still a court record and any amateur investigator can find it.
Yea credit card companies arent giving away free money no matter mow much free money the fed pumps into the system. Consumers have so little power against the banks and credit card companies, which is why you should buy Ma and V.
I don't think you will find any credit company which will loan you cash for any use at less than 5% interest. As far as credit card debt goes, I currently have $7k debt and I do not plan on paying it off at the end of the month or for several months actually. I have 0% interest on my card for 6 more months, after that I will pay it off in full. Once the 0% interest goes away, I will stop using that card and get another. I have been taking classes and paying for them with my credit card, I get reimbursed by my company after the class is over so it's like getting a free loan. On top of that, I have been hitting the cash back rewards and in the end, I don't see how my credit card company will make money off of me. Also, the secret to not getting credit card offers in the mail is to never pay credit card interest or fees. I have done this and I never get credit card offers even though my credit rating is above 790 last time I checked. It's not as bad as what some people do though...a friend of a friend was here in the US studying and after completing his Ph. D or masters degree, he decided to return to India. Before he left he maxed out the credit card that he had, buying stuff for his friends, giving away money, then he simply left the country.
This is something I wasn't aware of myself, (from that link): Even some BK attornies will tell you that the clock restarts after you resume payments.
i just read that collection agencies normally don't file a lawsuit unless the debt is rather large. what is rather large? my friend and his wife have 3 cards tital all with citi bank. 1 card -8k 2 cards 5k and 3k
I have no expierence with bankrupcy, I pay cash for most things, but that link is a good learning place for how a free market country with credit works.