Richard wrote to me through the GetOutOfDebt.org site and asked the following question. If you have a credit or debt question you’d like to ask just use the online form. I’m happy to help you totally for free.
Income from the GetOutOfDebt.org site advertising is used to help alleviate poverty. If you would like to help me to help others, there are easy and free things you can do, click here to learn how you can help.
“Dear Steve,
I’m currently way over extended with credit card debt, to the tune of $200,000. Can credit card collectors (amex, discover, visa) attach wages? Is my 401K account safe? Can they attach my checking account?
Can credit card collectors (amex, discover, visa) attach wages? Is my 401K account safe? Can they attach my checking account?
Richard”
The Answer:
Dear Richard,
While you did not give me a lot of information about your situation, I can tell you that the things that you did share are normally uttered by someone that is already in big trouble with their debt and creditors.
I would bet that you are not current on your debts now, that you’ve been struggling to stay current, that you may have borrowed from one card to pay some others, and that creditors are demanding money you can’t pay.
If that sounds familiar, you need to run, not walk, to get a free bankruptcy consultation from a local bankruptcy attorney. You need to get out in front of this situation with the protection of the law and not let this situation continue.
If you are worried about getting your wages garnished, chances are very good that your situation is already beyond a reasonable expectation that any other alternative exists, other than bankruptcy.
And if you are up to your neck to American Express, they are vicious, get legal protection under bankruptcy, now.
