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View Full Version : need help keeping myself judgement proof


jethro
05-05-2004, 04:41 PM
Here's my situation-

I need a new car. I have over thirteen collections on my cr at the moment that i am trying to clean up. I have just opened a bank account recently and keep a balance of about $500.00. I have over $7000 saved that i keep in a safe place. My credit is so poor right now i wold have trouble getting a loan and if i did the rates would be very high. So i was thinking maybe i could put my $7000 into a cd that the bank would use to secure a car loan with. THis way i would get a good rate and the loan would help rebuild my credit. But, I'm scared that one of these collection agencies like Asset that i owe $3000 to is going to come after that cd or my car. Is this possible and or likley? If the money was in a cd and not an account would that prevent a judgement from being able to get at it? Is there another way to creativeley finance a vehicle given the variables and keep myself judgement proof? Any help would be greatly appreciated.

Thanks

Jethro

Recovering Attorney
05-20-2004, 03:58 PM
nobody can touch your property unless he has a judgment against you.

blueranger
07-06-2004, 05:12 PM
i have been buying cars for years from a
pay on the lot place... and I have paid for
so many that I can just walk in and get one..

I am sure there is a good pay on the lot place
near you...also mine has been reporting to tu..

start disputing all the negs on your report...
and use your 7k to fund about 4 secured
credit cards...

you also could borrow secured from 2 or 3 banks or
credit unions....

and with disputing along with positive trade lines
your scores would leap into the 600's in a year.