Legal Question in Credit and Debt Law in California
credit card debt
My father is 79 yrs old, living on a fixed income. He has incurred 12, 000 in cc debt. We stopped paying a year ago. I wrote a letter stating we were no long able to pay this debt. We have now recieved a letter from their collections atty. I would like to just let this go. let the CC co record an abstract of judgment. Other than hurting his credit , which is moot at this point, are there any other detriments. We are managing 100K of his ( from the sale of his house ) to support him, his name and mine are on the accout. Will this affect this at all?
2 Answers from Attorneys
Re: credit card debt
If the creditor sues and obtains a judgment, recording of Abstract of Judgment will place a lien on any land your father owns in his name. If creditor finds out that you are managing his assets, they can try to levy on any assets that you hold or manage for your father.
Re: credit card debt
The downside is that they could come after the $100,000 that you are managing. You may be better off to call them, explain his problem, and see if they will negotiate with you. They won't have a lot of sympathy if they have to file a lawsuit and at that point, the $100,000 may be needed to satisfy a substantially larger judgment.
By the way, you could face accusations of waste if you ignore this and they get a larger judgment against your dad and try to collect on the $100,000.
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