Legal Question in Credit and Debt Law in California
If a person has been paying on credit cards that exceed $30,000 for 25+ years, and has paid 4x's what the original amount was, due to the inability to actually pay down the amount because of the interest, what can be done to stop the creditor's from continuing to collect from this person? Are there any statute of limitations on the creditors?
3 Answers from Attorneys
Yes. The statute of limitations is 4 years from when you stop paying. Of course the interest continues for those 4 years and if they file within those 4 years it continues to be added on until the trial. The only good news is once they get a judgment against you the interest drops to 10%.
How about just filing a Chapter 7 bankruptcy case and discharging the debt? Assuming you qualify and don't own too much property that would be lost in bankruptcy, there really isn't any choice. A Chapter 13 case could be the answer otherwise.
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