Legal Question in Disability Law in Missouri

Can a person on social security file for forbearance to wipe out dept?


Asked on 7/29/10, 2:36 pm

1 Answer from Attorneys

Diane Denniston Diane Denniston, Attorney at Law-

No. If this is the ONLY source of income, you are "judgment proof." That means the creditor can not successfully garnish the financial institution where you keep your social security money. (But beware: Bank of America will still allow creditors to take your money!) If you have other sources of income, keep the financial accounts separate so that only the other sources of income can be garnished.

No, if you own real estate and their is a mortgage on it, it is not likely that the creditor will file a lien against the real estate. But, if you own the house "free and clear", you may want to consider adding another person's name to the deed, but discuss this with your attorney before you do anything on your own. There can be major pitfalls here...

Depending upon your personal circumstances, you may consider filing bankruptcy to wipe out the debt... It's really important to talk with an attorney about your personal circumstances....

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Answered on 8/03/10, 4:21 pm


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