What legal action will happen if I do not pay my credit cards?

I am a divorced mom with two children. I do work and I receive child support (not regularly) but there is not enough money to make ends meet. I have a mortgage and own my car. After my divorce I tried to continue to pay on the cards but I was not able to continue to keep paying on them. It has now been four months of non-payments and I do continue to receive the HARASING phone calls. What eventually will happen? Does anyone know what the law is in Florida regarding credit card debt? Thanks to anyone that can help!

What legal action will happen if I do not pay my credit cards?

The credit card companies can seek a judgment or lien against you, which will allow them to start garnishing your wages. If you can, go into credit counseling/consolidation. They can help renegotiate your debts and payment schedule. If that doesn%26#039;t work, consider Chapter 13 bankruptcy. Chapter 13 is an individual reorganization, as opposed to a Chapter 7 liquidation of assets. This way you might still keep your home. You should also seek to compel your ex to pay up on child support - he%26#039;s breaking the law by not paying and it%26#039;s affecting your own financial situation so don%26#039;t be afraid to sic the cops or IRS on him.

What legal action will happen if I do not pay my credit cards?

You are likely to be sued for the credit card debt. The credit card company will obtain a judgment against you for the amount of the unpaid debt, plus interest. You should read your credit card agreement because it is likely that you have agreed to an arbitration clause. That means the credit card company can take its claim against you to arbitration, rather than suing you in a much slower court proceeding.

What legal action will happen if I do not pay my credit cards?

You need to file bankruptcy. That will put an end to all of it.

What legal action will happen if I do not pay my credit cards?

I%26#039;m pretty sure your car can be reposessed, and any goods you own which are valued at a high cost (electricals etc) until the debt has been repaid through the value of goods taken. If the house, car and contents do not cover the debt then you may claim for bankruptcy. I%26#039;m not sure but about 10 years ago, repo companies were allowed to take everything %26quot;but the clothes on your back%26quot;. This, taken literally meant everything except your clothes. I know this because a friend of mine maxed out on all her cards buying adult clothes, then when the debts were retrieved she went to the UK and started up her own clothes business with the clothes she had bought and is now doing really well. Not sure if this law still applies though. Most companies will accept a repayment plan, and back off harrassing you for awhile if you show them you are doing your best to repay the debt. Good luck.

What legal action will happen if I do not pay my credit cards?

I don%26#039;t know about FL, but eventually when the phone calls get nothing, they turn it over to outside debt collectors. This can be an attorney, collection agency, etc. You could try one of those debt counselling companies, or what i did, I talked to them about possible payment plans. They deactivated my card while I was on the plan, but lowered my interest rates, and quit charging me late/over limit fees, if i could pay a certain amount every month. call them, and ask to speak to someone about it. The people that you won%26#039;t do a thing to help you, they just want money, and dont understand the words %26quot;I DONT HAVE ANY%26quot;

And worst case senario, talk to a bankruptcy attorney. The first visit is usually free, and you can find out what your options are. You can file on credit cards only and not worry about your car or home because you have loans on them and aren%26#039;t filing. However, if you own your car outright, (no loan) that%26#039;s different. It depends on the value of the car.

just noticed the guy that told you chap 13 is better than chap 7. go for chap 7, a chap 13 takes 5-7 years before it is finallized and you are limited on what you can buy in that time.

What legal action will happen if I do not pay my credit cards?

To put it bluntly you%26#039;re going to have to do something. File bankruptcy, debt consolidation, find a way to pay the bills anything. Other wise you risk losing what you do have. They can sue you in court and be awarded a judgment against you. They can seize any property you have (including your car) and they can garnish your wages. Then what will you do?

What legal action will happen if I do not pay my credit cards?

Well, if you are not paying your credit card debt you WILL get harassing phone calls from the credit card companies and eventually they will turn you over to collection agencies. If you borrowed my money and didn%26#039;t pay it back I would harass you too! This all has a negative impact on your credit and can impact your ability to borrow in the future, whether it be a car loan, another house, or even loans for your children;s college education!

I would get in touch with a credit counseling service NOW. Look them up in the yellow pages, or online. They can help stop the phone calls and can work with your creditors to work out a reasonable repayment schedule.

Do NOT hide from this! It is your debt and you owe it to the companies to pay them back. Otherwise it is basically thievery. Good luck