Legal Question in Bankruptcy in Maine

We have lots of debt, can't pay the creditors, have ruined our credit. Do not want to file bankrupcy.

What can the credit card companies do to us?

When will they write if off?

Thanks

Peg


Asked on 4/03/10, 5:24 pm

1 Answer from Attorneys
scott logan Law Office of J. Scott Logan, LLC

Peg,

Typically, they will "write off" the debt within 6 months, send it to a collection agency, which will continue to charge interest for anywhere from 3 months to 6 years, then file a lawsuit (the statute of limitations on lawsuits is 6 years after charge-off). If they get a judgment, they can lien your house, garnish wages, and/or attach your accounts. On occasion, they can force the sale of a car.

Your options are typically debt consolidation, settlement, or bankruptcy. We can talk about all of those. I can be reached at 207-699-1314.

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Answered on 4/09/10, 6:54 am


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