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You have no income, no assets, no money and, you can prove it!
You owe the money but have lost your source of income and can no longer afford to pay this debt! Although you've tried to explain your situation to your creditors and collectors, they ignore you and continue to call. Some bill collector are insisting you borrow the money from family or friends and other debt collectors are telling you to put the debt on another credit card...something you do not want to do because it will only rob Peter to pay Paul.
Special Note: Judgment-proof is the commonly used term but a more accurate term would be "execution-proof"! Even if creditors or debt collectors win a judgment against you, they still have to collect, something that is impossible to do if you are penniless. Thus, being broke insulates you not from a judgment but from the execution of collecting that judgment.
Use the free sample judgment proof letter below to draft your own letter to send to creditors and collectors informing them of your financial status.
Feel free to copy and paste the letters listed below into any word processor or, if you prefer, I'll send you electronic copies absolutely FREE! Simply submit this FREE Form and I'll send a copy of the sample letter to whatever email address you provide.
Get all letters in one convenient package here...
Free Sample Letter
Judgment Proof Notification Letter
Today's Date
Your Name
Your Address
Collector' or Creditor Name
Address
RE: Account {insert account name and/or number}
Dear Collector or Creditor,
I am writing in response to your (letter or phone call) dated {insert date}, (copy enclosed) about the above referenced account. I am unable to pay on this account due to {insert reason here i.e. unemployed, disability} . This is a {permanent or temporary} situation.
I also hope to save both of us a great deal of time, energy and expense by letting you know that I have no attachable income or own any assets such as a home, car or land; essentially I have no money and can prove it! In accordance with the Fair Debt Collection Practices Act, 15 USC 1692c, 805(c):
(c) CEASING COMMUNICATION. "If a consumer notifies a debt collector in writing that the consumer refuses to pay a debt or that the consumer wishes the debt collector to cease further communication with the consumer, the debt collector shall not communicate further with the consumer with respect to such debt..."
Although I agree that I owe this debt, I am unable to make any payments toward it and therefore ask that you cease further communication with me concerning this debt. I will notify you if my financial situation improves enough to allow me to begin or resume making payments. Thank you for your understanding in this matter.
Sincerely
Signature
Printed Name
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IMPORTANT: Always send judgment proof letters by "official mail - return receipt requested" and keep a copy for your records.
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Prattville, Alabama (Est 1998)
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