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    Odds of being sued by a credit card company?

    I am in universal default on all of my credit cards. Long story here -- low income, no assets, lots of medical bills, can't pay. I have five credit cards with balances ranging from $1,000 to $6,000 each. Total debt, $20k. Someone told me they are more likely to sue you for the smaller balances because it is cheaper to go to small claims court. It doesn't matter whether they take me to court and get a judgment against me anyway because you can't bleed a turnip!
    a few seconds ago 3 Answers

    Best Answer

    You may not not always be a turnip. Once they get a judgment, it sits and will allow them to seize assets and part of your wages years in the future. They will probably wait until the statute of limitations is about ready to expire to make their decision. Until then, your debts will keep growing. Each month they will add interest and a late payment fee. Depending on your state, they may add interest on the unpaid interest and the unpaid fees. Your debts are going to grow and become worth suing for. Rather than deal with this over time and one piece at a time, I would get it over with and start over. Contact a bankruptcy attorney.
    a few seconds ago

    Other Answers

    • Odds are in your favor.My ex had a couple thousand under his belt and no one ever sued him.Try bankruptcy.Maybe you will need it with all those bills.BEsides you can come back in two years

      by katy r - 19 hours ago

    • You can never predict how a creditor will respond to defaulted debt....some might just sell the debt to a collection agency...while others might take you to court to try to get a judgment. It's impossible to tell. CapitalOne has a history of suing for small amounts in case you have one of their cards. There are three options options: Do nothing, use CCCS file or file Chapter 7 Contact your local Red Cross for a referral to the local Consumer Credit Counseling Services (CCCS) in your area. They can negotiate much lower payments and interest rates. They will require you to stop using all credit and to cut up your cards. Your credit report will be updated to "enrolled in debt management." This does not damage your credit, but it may make it impossible to obtain new credit while you are enrolled in their program....so don't use this service if you anticipate applying for a new apartment, car loan or mortgage anytime soon, as you would probably be denied while you're enrolled in the CCCS debt management program.... Otherwise, it can be a very good way to deal with your debt. Please note that CCCS cannot perform miracles in situations where there is an overwhelming level of debt relative to your income/assets. Sometimes Chapter 7 bankruptcy is the only solution to overwhelming debt. Don't let anyone smear or guilt-trip you for making this decision if you have to...especially all the people who like to quote Dave Ramsey who think that BK should always be avoided....this is ridiculous advise that only benefits credit card companies...Of course BK should be avoided if at all possible...but sometimes it is needed. Do what's best for you and your family. Corporate America uses BK all the time and no one slams them. Just remember that you can only file for Chapter 7 once every eight years....so if you file, you won't be able to discharge your debts again for eight years, even if you find yourself in a worse financial situation.. IMPORTANT: If you don't have or can't afford health insurance and you file for Chapter 7.....you absolutely must get health insurance for yourself and your dependents. Having a health emergency when you don't have health insurance and you've already file Chapter 7 would be a catastrophe.

      by CatDad - 19 hours ago

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