Legal Question in Credit and Debt Law in North Carolina

What will happen if I discontinue paying on my credit cards?

Asked on 9/18/13, 5:31 pm

2 Answers from Attorneys

Kenneth Love Ken Love Law

You should consult with a bankruptcy or debt relief attorney in your area. This is a question that can only be answered after an attorney learns of your entire financial condition.

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Answered on 9/18/13, 7:30 pm

If you stop and do nothing, the odds are that at least one of your credit cards may go to a lawsuit. I have had some clients who have never been sued and I have other clients with multiple credit cards who have had every single card go to judgment. So there is no way for an attorney to accurately predict what will happen. It depends on the creditor; some sue and some do not. Of the ones who do not, some of them sell the debt off to a junk debt buyer who will sue.

A lot also depends on your assets. If you have a lot of assets, a lawsuit is much more likely in my experience.

I agree with attorney Love. While you do not necessarily need a bankruptcy attorney, you do need to consult an attorney about your situation. In this way the attorney can review your assets, income and debts and come up with a good idea as to the best method of attacking them. Unless you are elderly, have no assets and are on a fixed income, doing nothing is really not an option. Bankruptcy is certainly an option, but I don't think it should be the option of first resort unless your debts are really overwhelming and you just have a strong desire to be done with this and get a fresh start. In between is resolution - either through debt management or debt settlement. Which is "better" for you depends on your assets, income debts and overall circumstances.

I give free email consults (just to give you an overall direction) and charge $50 for a more in-depth 30-minute phone consult. Please contact me at [email protected] if you are interested.

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Answered on 9/18/13, 11:21 pm

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