Garr 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.
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“Dear Steve,
I owe Navy Federal Credit Union $17,000 the account is charge off but they are take legal act to garnishment or civil suit i am not sure they take a settlement.
Garr”
The Answer:
Dear Garr,
The issue here that you need to take some action to intervene here instead of just watching the bus hit you. If the debt has already passed from current, to delinquent, to a lawsuit, and now a garnishment; no acceptable action has been taken by you yet.
Navy Federal Credit Union, like most other credit unions, is willing to talk about a solution to help remedy the situation. They might ask for a payment plan that is more than you can afford. In that case, you could always create a payment plan under a Chapter 13 bankruptcy or discharge the debt in a Chapter 7 bankruptcy. If you went bankrupt it would terminate the judgment and prevent them from garnishing your wages.
To learn more about your options in bankruptcy you should click here to get a free bankruptcy consultation or find a local bankruptcy attorney to meet with.
Garr, the responsible thing to do here is for you to take some action and not let this just roll over you as a wage garnishment.
