likelyhood fo being sued

What state are you in??

Most likely all these past due cards are charged off or are very close to it. Once that happens, the original creditor usually gives up and sells it off to a debt collector, once that happens the creditor is out of the picture.

They cannot touch your bank account for credit card debt unless they sue you and get a judgment, something that takes time, even not answering the summons it could take a few months for them to even get a garnishment order from the court.

If you plan on filing bankruptcy I wouldn't worry at all. Even if they get a judgment, unsecured debt can be discharged....

I highly doubt they will take $50 a month they will want say, 3 payments of $500 on a $1,500 balance...the quicker they get their money the better for them. first round collectors probably get a $1,500 for $500 or less. the quicker they get a return on their investment the better. If they feel they can't sue they will sell it off to another collector to at least make some money back with only a small loss.

It is all a big game and the best I can say is DV them when first contacted to at least keep them away till bankruptcy.

I live in Tennessee.Most of my own credit cards have gone to collection. My husband's cards are the ones I just sent the debt validation letters on.I have an online payday loan from payday one that I just revoked the ach rights to.I also put a stop payment on my checking account to prevent them from taking any more money. I am in horrible shape financially and can't afford to pay them. They told me I could be thrown in jail for check fraud if i did not pay them. Thanks for the help!

Don't listen to the Payday company. They Cannot put you in jail for that. This is a scare tactic they use to get people to pay. If you read the Payday forum, you will see they all do this. Good luck

Yes, do not listen to them they can not put you in jail or bring any kind of criminal charges against you, they are just trying to scare you. I agree with poker if you are planning on filing BK later on, I would not worry about whether or not they sue you, because a judgement would be discharged through BK. I know its just a scary thought of being sued, I'm in the same situation. I have 3 cards that have been charged off for over a year now and are in collections. I'm just waiting for the ball to drop. Right now, I haven't really be getting any phone calls from CA's and just makes me wonder what they are up to, are they preparing to sue or have they given up for the time being? I could only be so lucky. Anyway, hang in there, don't let them bully you, I know its hard not to worry about it, but just try to take it one day at a time. that's what I have done, so I don't get so worked up over something that I can't really do anything about unless I win a lottery.

Thanks so much for all the help! Im trying not to worry but it's hard.Today I got a letter fed exed to me from bank of america. They basically told us we had until Janurary 26th to contact them or our account would be charged off and possibly sent to a collection agency which means legal action could be taken.This got me worked up and worried again.Should I call them and tell them that if they get a summons we will filed bankrupty before it makes it to court or just continue to ignore them and not answer the phone?

I would not worry about it, keep ignoring them. I have found that if you don't talk to them, then they don't know your situation and they're not sure what to do next. Keep them guessing. The last time I talked to Chase, I got a summons two weeks later. Since that time I have not answered the phone and I have not been served any more lawsuits and that was 5 months ago.