How will they collect If I have Nothing??

[mrlymelyte]

Hi,

I am a college student that is being sued for $3,000. If I lose, there is no way for me to pay anything close to that amount. I dont have anything under my name, no income, and barely anything in my bank account. What will happen if I lose?

Is there anything that I can do to avoid the collection agency? Like withdraw all of my money (barely anything) out my account to make sure that I don't have to pay anything.

Thank you very much. Your help is much appreciated. I look forward to your input.


Tuan

 

[Duranie]

Do you owe the money? If so there is no way forever to get out of paying it. If you lose the lawsuit, then they can eventually garnish wages once you find a job, put a lien/levy any property or accounts. If you go out of your way to make sure they do not collect, if they are vigilant in staying on top of you they might eventually succeed. This judgement will go against you and ruin your credit. You should not dodge your obligation if you do lose, they are entitled to their money.

 

[mrlymelyte]

So if I lose and don't pay it will ruin my credit? Or I will have bad credit regardless?

 

[mrlymelyte]

Oh and the details about how and why I am being sued is in the thread titled "Was Cheated, didn't pay now being sued" Thanks for the input. I appreciate it.

 

[kopo002]

If you have nothing then they can't take it from your kins or relatives or such.
But when you have credit cards, and they might ask you to use the credit limit to pay for it. Also, once you make money or receive any money from anywhere they can take it from ur back-pay taxes, federal benefits, etc

Also, once you start getting a job or get any kind of money at all or federal assistance such as food stamps, SSI, SSDI, they can deduct it directly from there.

Take everything from ur bank account, and have no credit cards under ur name cuz they can ask u to use ur credit cards. With collection agency there is nothing u can do. Just file for bankruptcy if u have no choice.

The scary thing could be if they add interest to whatever you owed and compound it for 10 years then ur $3000 will be like $5000.