Legal Question in Credit and Debt Law in California
Credit card debt
I have lost my job and owe several credit card companies
they have raised the payment amounts so high that i will not be able to pay
what can they do besides harassing me on the phone?
--name removed--miranda
1 Answer from Attorneys
Re: Credit card debt
Congress is considering capping the interest rate credit card companies may charge -- but the proposal hasn't mustered enough votes to pass, just yet.
They can file lawsuits against you. Most people don't answer, and the credit card companies then get a default judgment and levy against bank accounts, record the judgment as a lien on real property, etc. Once you find a new job, they could also levy your wages.
Depending on may factors, you might qualify to file for bankruptcy protection, which would stop all collection efforts, and might lead to the discharge of those and other debts.
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