Legal Question in Credit and Debt Law in Arizona
Credit Card Default
We have substantial credit card debt that we are unable to pay. We own our home with no mortgage. We will both be on Social Security this summer. We do have some investments that have taken a 65% loss in the past year. What can the credit card companies do to us if we default?
Asked on 3/14/09, 3:54 pm
1 Answer from Attorneys
Brian Blum
Blum Law Office, PLC
Re: Credit Card Default
They can sue you, win a judgment, and garnish your bank accounts and investment accounts, and garnish your wages if you have any. If you own "non-exempt" property, they can have the sheriff take the property and sell it.
Answered on 3/14/09, 5:16 pm
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