I have not worked in three years and had been able

I have not worked in three years and had been able to pay credit cards up to May of 2011. Since that time I've exhausted unemployment and my 401k. I am presently on food stamps, general assistance and home heating and electrical assistance. I do not own a home. I am 61 years old and will be applying for Social Security soon. I don't have any savings so there isn't a possibility to pay these debts of approximately $20,000 with various card companies. I've read on these blogs that the debt colletion agencies can take whatever little money I have in my checking account. Is that true and at what time does this start? At present friends are helping me so that I am not out on the street. Also, when I am eventually sued and I still don't have funds to pay, what am I supposed to do?
Thank you for your time.

3 Answers

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Thank you both for responding. I do not have any money to file for bankruptcy.  It cost $1,500.  I have only $100 in my checking account...there's not much to get there.  Do you know when they start going into my only account?

Thank you

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Yes, I too agree with Attic. I think you have no other option now but to file bankruptcy in order to become debt free.

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If the collection agencies have the required account information, then they may debit money from your account. There is no mandatory time period for the collection agencies to start debiting money. You may file bankruptcy in order to get a discharge from all your debts.

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