cc debt

Feb 12, 2011

Can my Social Security $ Be Taken to Pay CC Debt?
by: Debtcollectionanswers.com

So sorry to learn about your financial problems.

Regarding your question about whether or not the credit card companies you owe money to can take your Social Security income, if they sue you for the money you owe them and win judgments against you, they cannot collect on those judgments by taking that income. However, they may be able to collect on the judgments through other means -- putting secondary liens on your home, for example or going after other assets you may own. They cannot take your home however.

As for your idea of transferring your home to your son to avoid having to pay the credit card companies, under certain circumstances such a transfer may be viewed as a fraudulent transfer. If it were, you would have broken the law and would be at risk for prosecution. Also, the transfer would be undone.

I think your best bet is to consult with a bankruptcy attorney in your area. The attorney can advise you about your wisest course of action after a complete review of your financial situation. Your initial meeting with the attorney will be free. Click here to arrange a free consultation with a bankruptcy attorney.

Good luck!

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