TEXAS %
INTEREST RATE*
Legal: 6% with agreement can charge up to 18%. w/o agreement - statutory interest of 6% begins to run 30th day after becoming due
Judgment: 10%
STATUTE OF LIMITATIONS (IN YEARS)
Open Acct.: 4
Written Contract: 4
Domestic Judgment: 10 (Renewable)
Foreign Judgment: 10 (Renewable)
BAD CHECK LAWS (CIVIL PENALTY) N/A
GENERAL GARNISHMENT EXEMPTIONS
100% of Wages
COLLECTION AGENCY BOND & LICENSE
Bond: Yes License: No Fee: No
Always consult counsel to charge interest - Texas has very onerous usury laws & penalties.
Ok......well, there's good and bad. Tx has great consumer protection laws.
Your wages cannot be garnished.....that's a good thing
BUT from what I can tell, they can freeze your bank accts. So just a heads up......if you want to protect yourself, you may want to pull your money out......just be aware that they can levy any checking/savings of yours OR your spouse's.
Hmm......well, if I were you I would try to talk to BOA to see if there is some other way to work this out. You really don't want a judgment on your CRs (especially since it can stay on there 10 years AND it's renewable). You may even mention that you are on a limited income........and that it is going to be tough for them to get anything out of you if they try to sue you so it would be in their best interest to work with you (if you want.......you could even mention you're considering bankruptcy OR give them a sob story depending on how sympathetic they sound). Hopefully they will halt the lawsuit and make payment arrangements with you.
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