If a credit card company sues, what can you lose?
My elderly parents received a summons from an attorney representing one of several credit cards they defaulted on after poor financial decisions and my father’s dementia ran up approximately 60k in debt. They owe this particular card 30k.
I’m trying to get them to declare bankruptcy, but if they don’t and they are sued, what can it cost them? They have no money other than monthly social security, they have a house with a reverse mortgage, two old cars, some family antiques, and a rundown warehouse with a squatter who stopped paying rent months ago.
What’s the best option at this point?
All a lawsuit does is provide a court judgment that can be used to levy claims against your financial assets. A lien can be placed on the home and the warehouse, and it could lead to a court order for seizure and auction to satisfy part of the debt. Same with other personal property. Bank accounts can be garnished.
On the plus side, Social Security benefits are exempt from court judgements for debts and cannot be garnished.
The best option at this point? If your parents don’t show up in court, the judgment will default to whatever the company demands. That’s the worst case. Even showing up in court with no lawyer, it will be better than no-show. Some things a judge simply won’t allow a company to claim if the defendants are there. And given evidence of your parents’ mental status, a judge may be more lenient in his decision.
The company will still get their ruling, but it may be severely limited from what they originally hoped for.
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