what are the chances of gettin sued from not paying credit cards?

Question

ive got tons of debt i cant afford and have looked into bankruptcy.several people ive talked to told me not to worry about the credit card companies.how fast are they to sue if i dont pay?how many of them will go that far?

Answer 1

Credit card companies will usually try to collect from you for about 180 days after your accounts become delinquent. After that they are written off to profit and loss. They are then sold to Junk Debt Buyers at a great discount. Junk Debt Buyers have the same rights as the original creditor when it comes to try to collect from you. They can report you to the credit bureaus, and they also have the right to sue you. How long it will take depends. Most of the time they will send you dunning letters until the statute of limitation is about to run out. Many of them will then attempt to sue you in court. The best way to protect your assets is to try to settle with them before they take you to court.

Answer 2

There is not set time, but sueing people is the last thing they will do. You would probably be "safe" to right before the statute of limitations runs out. This is anywhere from 3 to 10 years depending on the type of debt and state you live in.

As it gets closer and you have a job or bank account expect to be sued, and you will not only be sued for the debt but also the attorney's fees. Also, by this time because of all the interest and late fees you will be looking at 2-3 times the original debt. You should really look into a non-profit credit counsuling agency to see if they can help. If they can't then bankruptcy might be your only option.

Answer 3

Very good. You can't claim them anymore on bankruptcy so they can sue you for sure.

Answer 4

Very high... if I were you I would stop using them immediately and get debt consolidation because they can take your car, house, ettc.