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Bankruptcy vs. garnishment


wolfhound
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I currently have two CA's after me, both for old MBNA debts. I scraped together a little money for an attorney to help with the one thretening arbitration, but who knows how it'll go there. The other just sent me a letter this week, so far nothing bu announcing they have been assigned the debt and demanding payment in full. This one had tacked on iterest which is more than the balance (the balance is also more than the cerdit limit was.)

Both were charged off in 2002, last payment for both was late 2001.

Totol amount for both is about $8k. I have a few others out there, but they're all out of even the 6 year SOL, and due to drop off my CR this year.

I know $8k may not seem like much, but if they win, It will be impossible for me to get by. I'm stretched as thin as I can be right now.

Is BR a viable option, and if so, what timeframe?

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I done this 15-20 years back, I told them to go ahead garnish my wages and I would have to file a BK, insuring they would never get any money, they would'nt even be able to sell my account. But before that I saved up enough for a BK and put it in a jar buried in the back yard. If they did Garnish, I intended to File BK Immediately, if my memory serves me right (AND the law has not changed it will still work) the garnishment would stop after I filed the BK. It would have to stop as soon as they were notified I filed. (even before I went in front of the judge!) So I told them to go ahead and garnish my wages, but they didn’t so I didn’t have to file.

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