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Unsecured credit card debt. Being sued by credit card company?

Unsecured credit card debt. Being sued by credit card company? Topic: Case scenario for social work
June 15, 2019 / By Aleck
Question: My parents' small business started going under about two years ago. They sank every penny they had into it. They were unable to continue paying the mortgage on their house, and I had to start paying for it, until one year ago they transferred it completely to me. They are no longer listed on the ownership docs, and I'm listed as the sole owner. They are now being sued by the credit card company because they're unable to pay the debt (about 6,000). They have no assets (no car, no business, no property, no valuable possessions, under $300 in the bank) and are living with my sister. Neither one is working. Three questions: 1) Can the credit card company come after my house, claiming they transferred it to me to hide assets? This is not true; they had no idea at the time of the transfer that they wouldn't be able to pay the credit card off. 2) Is there any reason for them to go through the bankruptcy process, since they are too old to ever work again, so there are no future assets to protect? 3) What is the worst case scenario with the credit card company trying to sue them?
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Best Answers: Unsecured credit card debt. Being sued by credit card company?

Tameka Tameka | 5 days ago
One thing I know is: A credit card company can not take away social security income. But be careful, there are laws that can allow them to take them. Ex: If your parents get direct deposit in a checking for social security, make sure they take that money out within 3 to 5 days (not sure of the number of days that a creditor can come after the bank account - but there are laws to prevent them from directly taking ss money). /
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Tameka Originally Answered: Unsecured credit card debt. Being sued by credit card company?
One thing I know is: A credit card company can not take away social security income. But be careful, there are laws that can allow them to take them. Ex: If your parents get direct deposit in a checking for social security, make sure they take that money out within 3 to 5 days (not sure of the number of days that a creditor can come after the bank account - but there are laws to prevent them from directly taking ss money). /
Tameka Originally Answered: Unsecured credit card debt. Being sued by credit card company?
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Mikki Originally Answered: I want a credit card, but i had things bad on my credit from a few years ago, will this stop me?
You really need to clean up your credit report. Only time will do this. However, the clock starts when YOU take action to clean it up. Get a FREE copy of your 3 credit reports (google how to do this). Review them. If there is wrong information, fix it (google how to do this). If you have judgements, see if you can settle with the company. IF not, start to pay them off each month. Even if you have to get a part time job, just to pay off the bills. Get a secured credit card. You put down a deposit (say 500) and your credit line is 500. (Capital One has a good one). Plus the 500 deposit earns interest for you. HOWEVER, to improve your credit score. NEVER use more then 25% of the credit line each month AND PAY IT OFF IN FULL. You should be saving at least 10% of your gross income each month. Have the money taken out of your check, just like taxes. This way, you will not "miss" it.

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