1. What would you recommend I do?
2. How likely is it that either the credit card companies or the collection agencies would sue me? The amounts I owe range from $2500 to $31,000.
3. Is it true that court judgments go on your credit report for up to 20 years and that they accrue interest?
4. If I were sued and lost, could they take my car? (It’s paid for.)
5. If I were sued, could I prevent the creditors and the court from knowing that I have a car? It’s registered in a state other than the one I live in, although it’s insured in the state in which I live.
6. Do creditors have a way of checking DMV records in every state to see if a person owns a car anywhere?
7. If I am sued and lose, will they try to freeze my checking account? Is there any way I can open a new bank account, either before or after a lawsuit, without a creditor finding out about it? Do they have a way of finding any bank account a debtor has?
8. Given that I have little in the way of assets or income to go after, how likely is it that a collection agency would agree to take $20 a month from me and not sue me? What would I say to convince a collection agency to agree to this?
9. If I am sued and lose, and then some time from now recover my health and am able to work again, would the creditors know that I had a job? even if it’s years from now?
10. Is it true that collection agencies can only pursue someone who isn’t paying at all for a certain number of years? How long?
11. Would any court judgments against me be erased by bankruptcy?
12. If I do file for bankruptcy, when would be the best time to do it? Now? In a few months, just before the debts are turned over to external collection agencies? After the debts are turned over to collection agencies? Before any court proceedings? After any court proceedings?
13. If I file for bankruptcy, would I lose things like my computer? Would they take my word as to what property I have and its value, or would someone come to my home to do an inspection?
Thank you all for your advice.