Legal Question in Credit and Debt Law in California

I have fallen behind with my credit cards because of my job and the economy. I own my own business and all I am able to bring in these days is enough to cover the basics and I have not been able to take care of the credit card debt.

I was just served with a Form ADR-106 Petition to Confirm, Correct or Vacate Contractual Arbitration Award from one of the credit card companies.

I'm not sure what to do. I cannot afford a lawyer or I cannot afford to make payments to the credit card right now.

Asked on 8/30/09, 1:11 pm

1 Answer from Attorneys

Larry L. Doan Law Office of Larry L. Doan

Well, from the name of that Petition, apparently you had agreed to go through arbitration with one of the credit card companies because of a dispute, and the arbitrator decided how much you owe them on the debt (or if you don't owe anything). The company now wants to confirm, correct or vacate the decision, you need to read the petition to see which. Then, decide if you want to accept it or object to it.

So many people in California, unfortunately, are falling behind and defaulting on their credit cards in this economy because of the financial crisis we have. These credit card debts will just end up in court when the companies sue the credit-card holder. There's really no defense to defaulting on a contractual debt.

Note: The above response is provided for legal information only and should not be construed as legal advice, nor to create an attorney-client relationship, which can only be established through payment of consideration. We do not offer free advice except for the information provided herein on LawGuru which has been screened. If follow-up advice on your specific situation is desired, we offer a paid consultation in person if you are in the Los Angeles area, or by phone or email.

Read more
Answered on 8/30/09, 5:03 pm

Related Questions & Answers

More Credit, Debt and Collections Law questions and answers in California