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Can you lose your home for non payment of a credit card if your on suplimental security income?
Wiki User
∙ 16y ago
A credit card is unsecured which means you used the money on signiture alone they can sue you, but unless you used your home as colateral to get and use the card they cannot take anything from you. Credit card collectors will lie to you and harass you but it is all wind whatever you do do not give them electronic access to any of your accounts. You can call and ask if they will work with you, settle for less or work with you on repayment. As I mentioned they can sue you and will win because you owe the money some companies will just right you off as a bad debt or uncollectable but it will always be there and will stay on your credit until settled.
Wiki User
∙ 16y ago
Generally, creditors cannot seize your home for non-payment of credit card debt if you are on Supplemental Security Income (SSI). SSI is a protected source of income that is exempt from creditors for debt collection purposes. However, it is important to seek legal advice to understand your specific situation and rights.
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Can credit card debt collectors go after your social security check?
Credit card debt collectors typically cannot go after your Social Security check to collect the debt. Social Security benefits are protected from most types of debt collection, including credit card debt, under federal law. However, if you co-mingle Social Security funds with other money that is not protected, it may become harder to prove which funds are exempt.
Is social security income exempt from garnishment for a judgment?
In general, Social Security income is protected from most types of garnishment, including for judgments. However, there are some exceptions, such as for specific types of debts like child support or federal taxes. It's important to understand the specific laws in your state to know the extent of protection for Social Security income.
How does a Deed in Lieu Foreclosure affect Socia security benefits?
A Deed in Lieu Foreclosure can impact Social Security benefits if the forgiven debt is reported as income, potentially increasing the recipient's income and affecting benefit eligibility. It is important to consult with a tax professional to understand the implications on Social Security benefits.
Can you get around needing a co signer?
If you are unable to secure a loan or lease without a cosigner, your best option may be to work on improving your credit score or building credit history so that you can qualify on your own in the future. Additionally, some lenders or landlords may be willing to work with you if you can provide a larger security deposit or show proof of stable income. It's also beneficial to explore alternative options such as finding a roommate who is willing to cosign or finding a cosigner through online platforms that connect borrowers with potential cosigners.
How much income can you have per year and still draw SSI?
As of 2021, to qualify for Supplemental Security Income (SSI) in the United States, individuals cannot have more than $794 per month in income. This translates to an annual income limit of $9,528. However, this amount can vary depending on factors such as marital status and other sources of income.
What is a regular payment intended to provide income security to a retiree?
pension
If a defaulted student loan is consolidated with repayment at 0 does this affect credit rating for non-payment?
No, if you receive an income sensitive repayment plan after consolidating and the payment is $0 because of your dependents and income, then it will not adversely affect your credit score.
Do you pay Medicare withholding on pension income?
They will take the money for the medicare payment out of your Socialized Security check.
What is money received?
Money received can be income, payment for services rendered, credit towards a debt, etc.
Does a us citizen receiving dutch old age pension income treat the income as social security income for tax purposes?
No. It would be treated as a normal pension payment.
Does Utah tax social security?
Yes, Utah treats Social Security income as fully taxable. Similar to wages. Low income seniors do get a small tax credit though.
Can a person with lower income and good credit still get a mortgage without a cosigner if their down payment is large?
As long as their debt to income ratio is low enough. Generally your mortgage payment should be 25-35% of your net income (what you actually bring home)
Can a husband who has a felony collect social security for his wife if she is in a nursing home?
Usually the nursing home uses the social security income as payment for services. Possibly you could have your social security payments (if you are at least 62) based on her income levels. You should plan to either work or find another means of income.
What factors do banks consider when giving loans?
Credit score, employment history, payment history, money owed and income
Is a credit score of 697 good enough to get a mortgage?
Generally, FHA credit score requirement is 620-640, and 660 for a conventional loan, so yes. The rest depends on your income, debt to income ratio, and down payment.
Do social security disability income count towards ObamaCare?
Its so hard to get this question answered. Does Disability from Social Security count towards earned income or unearned income when trying to figure out how much credit we would get towards the Obamacare health plan
Was the earned income tax credit program created in 1975?
Yes. The earned income credit was added to the IRS Code by the Tax Reduction Act of 1975. It was meant to offset Social Security taxes of low-income workers with children and to encourage them to work.For more information, go to www.irs.gov/taxtopics for Topic 601 (Earned Income Credit).
