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Creditors can do more than ruin your credit score. It's state dependent, but they can also sue you to seize bank accounts, garnish your wages, etc. Fortunately
by ThrustVectoring 8y ago
Creditors can do more than ruin your credit score. It's state dependent, but they can also sue you to seize bank accounts, garnish your wages, etc.
Fortunately, it's Texas, so wage garnishment is out, as is seizing your primary residence. So is seizure of retirement accounts. Really the practical amount of debt is what the creditor can force you to pay, which is capped at your liquid assets.
- megamindbrian2 8y agoTrue. Good points, so withdraw and store in mattress. Garnishment is still an issue.
- ThrustVectoring 8y agoNot in Texas it isn't. Wage garnishment in Texas generally isn't a thing that creditors can do. Skip out on child support? Don't pay your taxes? Yeah, you can get your wages garnished. But a random creditor who convinces the court that you have a valid debt that you're obligated to pay? They can mess up your credit and seize bank or investment accounts, and that's about it.