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Subject:  Re: I'm Drowning...advice on refinancing mortgag Date:  8/2/2010  9:51 PM
Author:  joelcorley Number:  298748 of 312706


I wrote, Unfortunately doubloon1214 doesn't tell us where she lives. But she can go to this site ( ) to figure out more or less what to expect when it comes to collecting on bad debts if she's thinking of defaulting...

To which you replied, I live in Florida.

FWIW, Florida is the other big dead-beat state.

It's almost as good as Texas. There is no wage garnishment for consumer debts and there are homestead and vehicle exemptions - though they're supposed to limit you to no more than $1,000 in equity in your first auto. The site doesn't go into any additional exemptions.

But as others have mentioned, even being a deadbeat in these states can be a hassle if the creditors pursue collection actions and attempt seize any assets - especially bank accounts. In the end, if you walk away from your debts it may be necessary to close your bank accounts and live off of a cash diet for several years.

Also, I find it very scary to just quit paying on all this debt.

Good. You should. It's a big step to become a deadbeat that doesn't pay their debts. I would never recommend it; but I do tell people that it may be a legitimate option in some cases. I can't say if it is in yours; but at least you should have some idea what will happen if you take that route.

- Joel
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