How long before CC willl sue

Hi smlill,

I posted a comment to your other thread question which has some detail to consider while on your journey.

The best way to judge if you are suddenly at a higher risk of being sued is when you receive a collection letter from an attorney with offices or a license in your state. You can make settlement arrangements prior to any lawsuit being filed if this occurs. The amounts and terms for settlement in this type of situation are not as predictable as accounts that are not placed with local counsel with an active debt collection litigation practice.

If you are sued by a debt purchaser you will have more options than if sued by an attorney directly representing your original creditor.

If you live in a non garnishment state that is good. Yes your bank account can be levied, but only after a judgment is in place. You will have many months opportunity between a collections attorney letter first being received that may ultimately result in an enforceable judgment in which to make arrangements to prevent judgement and levy of your bank account.

A judgment and bank account levy puts you at risk of losing every penny in the account (up to the amount of the judgment) unless a portion of the balance on deposit is exempt from levy (exempt funds on deposit still get snagged and are a hassle to undo, but can be undone).

You can remove all money and stop direct deposits to your account. You do not need to do this until you know your account is at risk.

Do you mind my asking if you have spoken with an attorney about your options with a chapter 7 bankruptcy? If you have, what did you learn about how bankruptcy applies to you and your short to midterm financial goals?

If you're more than 3 months late on your credit card payments, then there are chances that the credit card company will sue you for it. They will either sue you for the debt or send the account to collections. If they get a judgment against you, then they can garnish your wages. However, as you're staying in a non-garnishment state, there are chances that they won't be able to garnish your wages.

If you have not made any payments to the credit card companies for several months, then the credit card company can sue you any time. Usually, they send the account to the CA before filing a lawsuit against you. If you have defaulted on a debt, then it is better to set up a payment arrangement with the creditor.

Check the wage garnishment laws in your state. This will help to clear all your doubts mate.

I don't qualify for BK, I make too much money, and it seems silly to me to file just to have accounts reorganized and pay them back.

thanks for the information everyone!

i have just recently settled a number of credit card debts with the following banks: chase, citi, ge money, boa... a total of 7 cc's... chase had not been paid in about 8 months, citi for 7 months, and boa for a number of months as well.. out of the 7, 1 was sent to an actual atty for collection, 4 were sent to collection agencies, and 2 was still at original creditor.. in addition, i had one was sold to a junk debt buyer, and i sent a letter of validation and it has been 2 1/2 months with no response at all from them..

That's great to hear! Congratulations!

I have only recently been able to think about even settling, but I'm getting some extra money here and there. I've got them all nearly caught up, by making payments for October, so I've settled one, and now I will wait and start to settle others while saving up the money.

I dont think I'll ever have enough to settle in one lump some, except some of the smaller accounts, but I think the small ones 1-3k, are hesitant to go very low on a settlement, whereas my 9k one settled about 3k, Im hoping my other big one at 10k, will do the same, they're both with citi, so I think it will be similar.

i have been paying $25.00a month on a delinquent credit card for 3 years. The bank just stoped calling me 20 days ago what will happen next