Legal Question in Credit and Debt Law in Georgia

defaults

I am currently in arrears on several credit cards that are about to go into default. What are the possible outcomes if these accounts go into default? I currently do not have the funds to pay for any of these accounts. I have not contacted any of these agencies due to lack of funds to pay any of them.


Asked on 12/29/06, 8:42 pm

2 Answers from Attorneys
Glen Ashman Ashman Law Office also dba Glen Ashman Attorney

Re: defaults

Besides the effect on your credit (for 7 years), the creditor can sue you. When they win, they can seize your home, car or bank accounts, and garnishee 25% of your wages.

You may want to look at whether a bankruptcy is a good move before they act. A bankruptcy may eliminate the debts in some cases. To get a consultation, go to www.glenashman.com , print our worksheet and complete it, and then set up an appointment.

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Answered on 12/29/06, 9:02 pm
Scott Riddle Law Office of Scott B. Riddle, LLC

Re: defaults

You don't state whether you may have funds in the near future. Bankrutcy is a drastic option if your problem is temporary. You also do not say how much money is at issue. If bankruptcy is an option, ask lawyers or accountants for referrals, more than ads and commercials. One should be able to meet with you, then guide you through the process if it is right for you.

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Answered on 12/29/06, 9:37 pm


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