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If a creditor sues


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I know I am panicking....I am so worried about the CCs sueing me. How do the CCs determine if I have assets worth sueing over? My yearly income is lower than my debt, I have no assests worht taking. I want to file bankruptcy, have almost enough money saved to retain a lawyer. It has been an awful year. I went from being able to successfully pay 1000 per month on CC debt to not being able to pay any of it due to a huge change in income. I know I am really being paranoid, but I really need to understand the process of collections. I hope after this ordeal comes to an end for me I will be knowledgeable enough to help others on the process.

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Unless you've got Discover in your creditor line-up, you may not be sued anytime soon. Are these account charged-off yet ? If so, how long ago. How much do you owe ??

A lot depends on how much you owe and to whom. Cap1 and Citi seem to be suing quickly, but not as fast as Discover. Depending on where you are in the collection timeline, you may be able to go quite a while and not see a lawsuit.

How do they know what you assets are ? There are tons of databases out there for them to access. They start with your credit report, then they can go to motor vehicle records and property records. That's the 'big' stuff they can find easily enough with an asset search. The rest of your 'personal property' is probably exempt, so they couldn't touch it anyway.

[Edit by LadynRed on Monday, April 14, 2003 @ 07:14 AM]

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