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Yes. It's possible, but unlikely. When a debtor doesn't make a payment between 4-6 months, the creditor must make a decision. But keep in mind that credit card debt is unsecured, meaning that the creditor has no collateral as security for the loan.
They have several alternatives: 1) they can do nothing and hope that you will soon make a payment. 2) they can continue to try and collect from you. 3) they can sell your debt to a debt collector, or 4) the creditor or debt collector can sue you.
If the debt collector decides to sue you, they must weigh the costs with the potential benefit. First, they may perform an asset investigation. An investigator will look into your assets (e.g. real estate property, autos, personal belongings, savings/checking accounts, etc.) and determine how much you own. If they feel that you have a substantial amount of assets, they may decide to sue.
They also must take into consideration court costs, attorney fees, and loss of time. If the debt collectors feel that the potential costs will outweigh the risks, they probably will make you a offer to settle your debt for a steep discount.
What else can I help you with?
Can you be sued in North Carolina over credit card debt?
Yes you can.
Is there a limit in which you can be sued over credit card debt?
Your bank sets the limit. But yes.
Is an authorized credit card user responsible for his debt?
Of course, and they can be sued if they don't pay.
What can be done to someone who owes credit card debt but has no money or property and is being sued?
get a job(s!) and pay off the debt
Can you be sued for non payment of credit cards in Illinois?
Yes. Every time you sign for a purchase, you are agreeing to the terms and conditions of use of the credit card which includes repayment. If you don't repay the debt, you will be sued for not only the credit card charges but for interest and probably legal fees, too.
Does the state of Florida allow you to be sued over unpaid credit card debt?
Yes, in Florida, creditors can sue individuals over unpaid credit card debt. If a lawsuit is successful, the court may issue a judgment against the individual requiring them to repay the debt.
Does Tennessee allow credit card garnishment?
A person's wages can not be garnished unless a judgment is obtained in court against that person. People get sued all the time for credit card debt. Once the credit card company gets a judgment, then they can garnish wages.
If you default on a credit card debt in Hong Kong can the bank sue you in Australia if you now live in Australia?
Yes. You can be sued for for unpaid debt no matter where you live. Further more, this debt WILL affect your financial standing in Australia and your ability to get credit here.
What is the difference between a debt card and a credit card?
The diffference between a debt card and a credit card is ,in a debt card it's money from your account .In a credit card is when you borrow money from the bank.
Where can I get advice on credit card debt solutions?
I am so in debt and I am worried about paying my credit cards. Where can I get advice on credit card debt solutions?
Could You Get Garnished For A 1900 Credit Card Debt?
There were no credit cards in 1900, hence no credit card debt.
When are you in credit card debt?
A person is in credit card debt when they have charges on their credit card and can not pay them. A person can make charges on a credit card and make payments at a later date. When a person charges on their credit card, the charge is now a debt that must be paid.
